Categories: Banking

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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Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.