Source: BS
Context:
The Reserve Bank of India (RBI) has launched a nationwide special campaign (Jan 1–Feb 28) to clear all pending customer grievances under the Integrated Ombudsman Scheme (IOS). The move signals a regulatory shift from rule-based compliance to consumer-centric governance.
Integrated Ombudsman Scheme (IOS)
The Integrated Ombudsman Scheme (IOS) is a single, unified grievance redressal mechanism introduced by the Reserve Bank of India (RBI) to resolve customer complaints against regulated financial entities.
What is IOS?
Launched in November 2021, the IOS merged and replaced multiple earlier ombudsman schemes into one common framework to simplify complaint filing and resolution.
Schemes merged under IOS
- Banking Ombudsman Scheme
- Non-Banking Financial Companies (NBFC) Ombudsman Scheme
- Digital Transactions Ombudsman Scheme
Now governed by one authority, one process, and one portal
Who is covered?
Complaints can be filed against:
- Banks (public, private, foreign)
- NBFCs
- Payment system operators
- Digital payment service providers
- Credit institutions regulated by RBI
