RBI launches integrated ombudsman as customer complaints doubled in two years
PM Modi also launched the RBI Retail Direct Scheme-- a free-of-cost platform for buying and selling of govt securities
The number of customer complaints against entities regulated by the RBI has increased from 1.6 lakh in FY18 to 3.3 lakh FY20 due to digital penetration and financial inclusion, The Times of India has reported. It is against this background that the Reserve Bank of India (RBI) has formulated the idea of ‘One Nation, One Ombudsman’.
Prime Minister Narendra Modi launched the integrated ombudsman scheme on Friday. Another customer-centric scheme, RBI Retail Direct Scheme, will also be launched on the occasion which Finance minister Nirmala Sitharaman will also attend.
RBI Retail Direct Scheme offers a new avenue for retail investors in government securities. It offers a digital platform to retail investors for buying and selling government securities. With this, retail investors can open and maintain free of cost their government securities account online with the RBI.
The integrated ombudsman scheme offers a single reference point—one portal, one email, and one address — to file complaints and track status. Complaints can be filed against entities regulated by the central bank.
An integrated ombudsman scheme will do away with the jurisdictional limitations. According to the news report, RBI regional offices will continue to attend to complaints that are not covered under the ombudsman scheme.
The integrated ombudsman scheme is based on a review of the internal grievance redressal of banks and other regulated entities.