How has the RBI streamlined the internal Ombudsman scheme ?
The RBI has consolidated the current directions of various ombudsman schemes in banks and other regulated entities. This consolidation brings uniformity in matters like timeline for escalation of complaints to IOs, exclusions, temporary absence of the Internal Ombudsman, minimum qualifications for appointing an Internal Ombudsman and updation of reporting formats.
The RBI Internal Ombudsman Scheme is a framework established by the Reserve Bank of India (RBI) to address customer complaints efficiently within banks and other financial institutions. It acts as an independent body to resolve disputes and ensure fair treatment of customers.
RBI streamlined the Internal Ombudsman Scheme to enhance its effectiveness and ensure a more responsive system for customers. The aim is to provide quicker resolution to customer complaints and improve overall customer satisfaction within the banking and financial sector.