RBI releases Annual Report of Ombudsman Schemes for 2019-20

Reserve Bank of India (RBI) has released the Annual Report of the Ombudsman Schemes for the year 2019-20. There was an increase of around 65 per cent in the receipt of complaints out of which almost 92 per cent have been disposed of. RBI has three Ombudsman- Banking, Non-Banking Finance Company (i.e. NBFC) and digital transactions. A common man can approach this Ombudsman for their grievances.

As per the RBI’s report, all three received in total 3,30,543 complaints in 19-20 as compared to 2,00,362 in 18-19. Banking Ombudsman received major complaints regarding ATM & Debit Cards, Mobile & Electronic Banking while NBFC’s Ombudsmen received most complaints about non-observance of regulatory guidelines, lack of transparency in contract/ loan agreement and levy of charges without notice.

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Important Points:

• The Banking Ombudsman received major complaints regarding ATM & Debit Cards, Mobile & Electronic Banking.
• NBFC’s Ombudsman received most complaints about non-observance of regulatory guidelines, lack of transparency in contract/ loan agreement and levy of charges without notice.
• Digital Transactions Ombudsmen received most complaints about fund transfer. RBI has taken various measures for creating awareness among various stakeholders to minimise the grievances.
• As announced in the Monetary Policy Statement last week, the three Ombudsman Schemes are being merged and integrated into a single scheme which will be rolled out starting from June this year.

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