New Delhi : Prime Minister Narendra Modi on November 12 will be launching two innovative and customer-centric initiatives of the Reserve Bank of India (RBI) through video-conferencing. Union Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das will also attend the event. The two schemes – the retail direct scheme and the integrated ombudsman scheme – will be launched with a view to easing access.
Reserve Bank of India’s alternate grievance redress mechanism currently comprises of three Ombudsman schemes viz the Banking Ombudsman Scheme (BOS), launched in 1995, the Ombudsman Scheme for Non-Banking Financial Companies (OS-NBFC), 2018 and the Ombudsman Scheme for Digital Transactions (OSDT), 2019. The schemes are administered through 22 offices of RBI Ombudsman (ORBIOs).
Complaints that do not fall within the ambit of the Ombudsman mechanism are handled by the Consumer Education and Protection Cells (CEPCs) functioning at 30 regional offices of RBI. The three schemes, having evolved over different periods of time, had specified grounds of complaints that acted as a limiting factor, had different grounds of complaints, which led to uneven redress across the customers of different entities, and had different compensation structures.
There will be a single point of reference for the customers to file their complaints, submit documents, track the status of their complaints and provide feedback, said the Prime Minister’s office, adding, a multi-lingual toll-free phone number will provide all the relevant information on grievance redress and assistance for filing complaints.
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