- Starting November 1, state co-operative banks and central co-operative banks will be included in the Reserve Bank Integrated Ombudsman Scheme, 2021, as announced by the central bank on Tuesday.
- The RBI has put out a notification regarding this update.
- With this change, the Integrated Ombudsman Scheme will now encompass all commercial banks, regional rural banks, state co-operative banks, central co-operative banks, scheduled primary (urban) co-operative banks, and non-scheduled primary (urban) co-operative banks that have deposits of Rs 50 crore or more.
- Additionally, all non-banking financial companies—except for housing finance companies that are allowed to accept deposits or interact with customers and have an asset size of Rs 100 crore or more—will also fall under this scheme.
- Credit information companies are included as well.
Starting November 1, state co-operative banks and central co-operative banks will be included in the Reserve Bank Integrated Ombudsman Scheme, 2021, as announced by the central bank on Tuesday.
The RBI has put out a notification regarding this update.
With this change, the Integrated Ombudsman Scheme will now encompass all commercial banks, regional rural banks, state co-operative banks, central co-operative banks, scheduled primary (urban) co-operative banks, and non-scheduled primary (urban) co-operative banks that have deposits of Rs 50 crore or more.
Additionally, all non-banking financial companies—except for housing finance companies that are allowed to accept deposits or interact with customers and have an asset size of Rs 100 crore or more—will also fall under this scheme.
Credit information companies are included as well.
The Reserve Bank Integrated Ombudsman Scheme (RB-IOS), which was launched in November 2021, offers customers of regulated entities (REs) a quick, affordable, and efficient alternative for resolving grievances.