Reserve Bank of India releases the Annual Report of the Ombudsman Scheme

The Reserve Bank of India released the Annual Report of the Ombudsman Scheme for the period April 1, 2022 to March 31, 2023. This is the first full-year report after the launch of Reserve Bank – Integrated Ombudsman Scheme (RB-IOS), 2021 in November 2021. The Annual Report covers the activities under the RB-IOS, 2021 as well as major developments during the year in consumer education and protection and the way forward.

During the period April 1, 2023 to March 31, 2024, as part of the Reserve Bank’s medium-term strategy framework for 2023-25 (Utkarsh 2.0), CEPDs initiatives includes:

1. Review, consolidate and update the extant Reserve Bank regulatory guidelines on customer service;
2. Review and integrate the internal ombudsman schemes, applicable to different RE types;
3. Establish Reserve Bank Contact Centre at two additional locations for local languages, including disaster recovery and business continuity facility.

The recommendations made by the Committee for Review of Customer Service Standards in RBI Regulated Entities will be examined for suitable implementation.