Key Points
The Internal Ombudsman mechanism was introduced in 2015 and has since been extended to various Non-Banking Financial Companies, Credit Information Companies, and Non-Bank System Participants..
With a view to strengthen customer grievance redressal system, RBI Governor Shaktikanta Das on Friday said the central bank decided to effect certain changes and also consolidate and harmonise the Internal Ombudsman guidelines into a single master direction..
The Reserve Bank of India, in 2015, introduced an Internal Ombudsman (IO) mechanism in select scheduled commercial banks with the objective to strengthen their Internal Grievance Redress (IGR) system and to ensure efficient and fair resolution of customer complaints by enabling an apex level review within the banks before their rejection...
Gradually, the framework has been extended to other regulated entities (REs), viz. select Non-Bank System Participants (non-bank issuers of PPIs), select Non-Banking Financial Companies and all Credit Information Companies...
In view of the potential role of Self-Regulatory Organisations (SROs) in strengthening compliance culture among their members and also providing a consultative platform for policy making, he said, it has been decided to issue an omnibus framework for recognising SROs for various regulated entities of the Reserve Bank...
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