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Informist, Friday, Jan. 16, 2026

--RBI issues Reserve Bank - Integrated Ombudsman Scheme, 2026 

--Reserve Bank - Integrated Ombudsman Scheme, 2026 to be effective Jul. 1 

NEW DELHI – The Reserve Bank of India Friday issued the Reserve Bank–Integrated Ombudsman Scheme, 2026, to handle customer complaints against banks and other financial firms to strengthen consumer protection, with guarantee of compensation up to INR 3 million. The norms will come into effect Jul. 1 and are aimed at improving trust in financial system.

According to the norms, there is no limit on the amount in a dispute that can be brought before the RBI Ombudsman for settlement or pass an award. However, for any consequential loss suffered by the complainant, the RBI Ombudsman shall have the power to provide a compensation up to INR 3 million, it said. In addition, the RBI Ombudsman shall also have the power to provide a compensation up to INR 300,000 for the loss of complainant's time, expenses incurred, harassment or mental anguish suffered, if any.

The central bank may appoint one or more of its officers as ombudsman and deputy ombudsman, to carry out the responsibilities under the scheme. The appointment of ombudsman or the deputy ombudsman, as the case may be, shall be made for three years at a time, it said.

The scheme aims to strengthen the ombudsman framework and ensure quicker, more efficient and cost-effective resolution of complaints. It applies to a wide range of financial entities regulated by the RBI, including commercial banks, regional rural banks, state and central cooperative banks, and urban cooperative banks meeting the prescribed deposit criteria. It also covers non-banking financial companies with customer interface, non-bank prepaid payment instrument issuers, and credit information companies.

Customers can file complaints related to all kinds of deficiency in service, the central bank said. However, issues related to commercial judgment of regulated entities, disputes between them, grievances against management, dispute involving employer-employer relationship, or cases already before courts or tribunals are excluded from the purview of the scheme.  End

Reported by Priyasmita Dutta

Edited by Akul Nishant Akhoury

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