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Home Business One nation one ombudsman: RBI to integrate consumer grievance redressal scheme

One nation one ombudsman: RBI to integrate consumer grievance redressal scheme

The Reserve Bank on Friday introduced it is going to be integrating consumer grievances redressal underneath a single ombudsman as towards three schemes working at current.

There are devoted ombudsman schemes devoted to consumer grievance redressal in banking, non-bank finance corporations and digital transactions, respectively, at current.

“To make the alternate dispute redress mechanism simpler and more responsive to the customers of regulated entities, it has been decided to implement, inter alia, integration of the three Ombudsman schemes and adoption of the ‘One Nation One Ombudsman’ approach for grievance redressal,” Governor Shaktikanta Das stated on Friday.

The transfer is meant to make the method of redress of grievances simpler by enabling the purchasers of the banks, NBFCs and non-bank issuers of pay as you go cost devices to register their complaints underneath the built-in scheme, with one centralised reference level, he stated.

The RBI is focusing on to roll out the e-Integrated Ombudsman Scheme in June 2021, he stated.

Mr. Das stated monetary consumer safety has gained important coverage precedence throughout jurisdictions and the RBI has been taking a slew of initiatives on the identical.

“In line with the global initiatives on consumer protection, RBI has taken various initiatives to strengthen Grievance Redress Mechanism of regulated entities,” he stated.

The RBI had operationalised grievance administration system (CMS) portal as one cease answer for alternate dispute decision of buyer complaints not resolved satisfactorily by the regulated entities.

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