RBI released Annual Report of Ombudsman Schemes for 2019-20

The Reserve Bank of India (RBI) released the Annual Report of the Ombudsman Schemes for the year 2019-20.

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RBI has three Ombudsmen- Banking, Non-Banking Finance Company (i.e. NBFC) and digital transactions. A common man can approach these Ombudsmen for their grievances.

As announced in the recent Monetary Policy Statement, the three Ombudsman Schemes are being merged and integrated into a single scheme which will be rolled out starting from June this year.

There was an increase of around 65 per cent in the receipt of complaints out of which almost 92 per cent have been disposed of.

Banking Ombudsman received major complaints regarding ATM & Debit Cards, Mobile & Electronic Banking while NBFC’s Ombudsmen received most complaints about non-observance of regulatory guidelines, lack of transparency in contract/ loan agreement and levy of charges without notice.

Digital Transactions Ombudsmen received most complaints about fund transfer. RBI has taken various measures for creating awareness among various stakeholders to minimise the grievances.