“RBI’s Ombudsman Dwivedi advocates Consumer Empowerment: “Jaankar Baniye, Satark Rahiye”
“Empowering Consumers, Fostering Awareness”: RBI Hosts Press Conference to Illuminate Reserve Bank- Integrated Ombudsman Scheme (RB-IOS), 2021, Emphasizing Grievance Redressal and Accessibility
Chandigarh, March 7, 2024: The Reserve Bank of India (RBI) organized a pivotal Press Conference today at Hotel Mountview, Chandigarh, aimed at elevating consumer awareness surrounding the transformative Reserve Bank – Integrated Ombudsman Scheme, 2021 (RB-IOS, 2021). Under the leadership of Shri Rajeev Dwivedi, Chief General Manager and Ombudsman, RBI, the event served as a crucial platform to inform and educate consumers about this ground breaking initiative.
The RB-IOS, introduced on November 12, 2021, represents a significant milestone in RBI’s commitment to consumer rights. It integrates the erstwhile three Ombudsman schemes of RBI namely, (i) the Banking Ombudsman Scheme, 2006; (ii) the Ombudsman Scheme for Non-Banking Financial Companies, 2018; and (iii) the Ombudsman Scheme for Digital Transactions, 2019, the RB-IOS streamlines the grievance redressal process. This consolidation simplifies procedures, centralizes complaint receipt, expands coverage to more entities, and eliminates jurisdictional disparities. RB-IOS, 2021 provides for cost-free redress of customer complaints involving deficiency in services rendered by entities regulated by RBI, if not resolved to the satisfaction of the customers or not replied to within a period of 30 days by the Regulated Entities (REs).
Shri Dwivedi highlighted the pivotal role of the RB-IOS, 2021, emphasizing its efficacy in swiftly addressing customer grievances. Mr. Dwivedi emphasized the importance of awareness, stating, “Jaankar Baniye, Satark Rahiye.”
Moreover, the RB-IOS, 2021, brings forth a myriad of benefits for complainants. Simplified filing processes, centralized receipt mechanisms, and expanded coverage ensure greater accessibility and convenience. Through the upgraded Complaint Management System (CMS) portal, complainants can lodge their grievances from anywhere in the country, receive automatic acknowledgments, track complaint statuses in real-time, and submit additional documents online. This “One Nation One Ombudsman” approach fosters transparency and efficiency in grievance redressal.
Furthermore, the establishment of a Centralized Receipt and Processing Centre (CRPC) at RBI, Chandigarh, further enhances the complaint handling process. The CRPC receives physical mode complaints, undertakes initial scrutiny, and processes them for redressal, ensuring seamless coordination with Offices of RBI Ombudsmen (ORBIOs) or Consumer Education and Protection Cells (CEPCs).
The RB-IOS, 2021, also leverages technology to enhance consumer engagement. The Contact Center of RBI, equipped with Interactive Voice Response System (IVRS) and Toll-Free number 14448, provides round-the-clock assistance for complaint filing and status inquiries. This multi-lingual platform ensures accessibility for consumers across diverse linguistic backgrounds.
The comprehensive coverage of the RB-IOS, 2021, encompasses a wide array of REs, including banks, Non-Banking Financial Companies (NBFCs), Payment System Participants (PSPs), and Credit Information Companies. By centralizing the complaint handling process and ensuring uniform standards of redressal, the Scheme instills confidence in consumers and promotes a culture of accountability among REs.
RBI, through initiatives like the RB-IOS, 2021, reaffirms its dedication to fostering a consumer-centric financial ecosystem rooted in transparency, accountability, and accessibility. Consumers are encouraged to leverage the centralized platform for grievance redressal, contributing to a more robust and inclusive financial landscape.
