Be informed, stay alert: RBI Ombudsman Dwivedi

RB-IOS, an important milestone in RBI’s commitment towards consumer rights
Chandigarh (Uttam Hindu News): The Reserve Bank of India (RBI) today organized an important press conference at Hotel Mountview, Chandigarh, aimed at increasing consumer awareness about the transformative Reserve Bank – Integrated Ombudsman Scheme, 2021 (RB-IOS, 2021). Led by Rajiv Dwivedi, Chief General Manager and Ombudsman, RBI, the event served as an important platform to inform and educate consumers about this unprecedented initiative.

RB-IOS, introduced on November 12, 2021, represents an important milestone in RBI’s commitment towards consumer rights. This is in continuation of the three previous Ombudsman Schemes of RBI, namely (i) Banking Ombudsman Scheme, 2006; (ii) Ombudsman Scheme for Non-Banking Financial Companies, 2018; and (iii) integrate the Ombudsman Scheme for Digital Transactions, 2019 and streamline the RB-IOS grievance redressal process. This consolidation simplifies processes, centralizes complaint receipt, extends coverage to more entities, and eliminates jurisdictional disparities. RB-IOS, 2021 provides for free redressal of customer complaints relating to deficiency in services provided by RBI regulated entities, if not resolved to the satisfaction of the customers or within a period of 30 days by the Regulated Entities (REs). The answer is not given within.

Dwivedi highlighted the important role of RB-IOS, 2021, emphasizing on its efficacy in rapidly addressing customer complaints. Emphasizing the importance of awareness, Dwivedi said, “Be informed, be alert.” Furthermore, the RB-IOS, 2021 has brought innumerable benefits for the complainants. Simplified filing processes, centralized receipt mechanism and expanded coverage ensure greater accessibility and convenience. Through the advanced Complaint Management System (CMS) portal, complainants can lodge their complaints from anywhere in the country, receive automated acknowledgement, track complaint status in real time and submit additional documents online Are. This “One Nation One Ombudsman” approach promotes transparency and efficiency in grievance redressal. Additionally, the establishment of a Centralized Receipt and Processing Center (CRPC) at RBI, Chandigarh, further enhances the complaint management process. CRPC receives complaints in physical mode, conducts preliminary investigation, and processes them for redressal, thereby ensuring seamless coordination with the offices of the RBI Ombudsman (ORBIO) or Consumer Education and Protection Cell (CEPC). RB-IOS, 2021, also leverages technology to enhance consumer engagement. RBI’s Contact Center equipped with Interactive Voice Response System (IVRS) and toll-free number 14448 provides round-the-clock assistance for filing complaints and status enquiries. This multilingual platform ensures accessibility for consumers with different linguistic backgrounds.

The comprehensive coverage of RB-IOS, 2021 covers a wide range of REs including banks, non-banking financial companies (NBFCs), payment system participants (PSPs) and credit information companies. By centralizing the complaint management process and ensuring uniform standards of redressal, the scheme builds confidence in consumers and promotes a culture of accountability among RES. RBI, through initiatives such as RB-IOS, 2021, reaffirms its dedication to promoting a consumer-centric financial ecosystem rooted in transparency, accountability and accessibility. Consumers are encouraged to avail of the centralized platform for grievance redressal, contributing to a more robust and inclusive financial landscape.