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  • Monday, February, 2021| Today's Market | Current Time: 10:04:46
  • RBI releases Annual Report of Ombudsman Schemes for 2019-20

    Published on February 8, 2021

    The Reserve Bank of India (RBI) today 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. AIR correspondent reports that RBI has three Ombudsmen- Banking, Non-Banking Finance Company (i.e. NBFC) and digital transactions. A common man can approach these Ombudsmen 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.

    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.