Integrated Ombudsman Scheme

Subject: Economy

Context: Integrated Ombudsman Scheme unveiled

Content:

Prior to the introduction of this scheme, the RBI had three different ombudsman schemes to aid dispute resolution with respect to banks, NBFCs, and non-bank pre-paid payment issuers (PPIs). They were operated by the RBI through 22 ombudsman offices.
This scheme, the introduction of the integrated scheme, the earlier ones stands repealed. When the regulator unveiled the proposal for an Integrated Ombudsman.
The RBI would appoint the Ombudsman and a Deputy Ombudsman for three years.
Though the three earlier schemes have been repealed, the RBI clarified that the adjudication of pending complaints, appeals and execution of the awards passed shall continue to be governed by the provisions of the respective Ombudsman Schemes and instructions of the Reserve Bank issued thereunder.