RBI's New Ombudsman Scheme 2026: Faster Complaint Resolution from July 1

• The Reserve Bank of India (RBI) has launched the revised Reserve Bank Integrated Ombudsman Scheme 2026 to expedite customer complaint resolution.
• The new scheme, effective July 1, 2026, aims for quick, low-cost resolution, with proceedings being summary in nature and not requiring strict adherence to evidence rules.
• RBI will appoint Ombudsmen and Deputy Ombudsmen for three-year terms to handle complaints and establish Centralized Receipt and Processing Centers.
• Customers can file complaints online, and Ombudsmen will consider banking laws, practices, and RBI guidelines.
• There is no limit on the disputed amount, but compensation for consequential loss is capped at 30 lakh rupees, with an additional 3 lakh for mental harassment.

Why It Matters: RBI's new Ombudsman Scheme 2026, effective July 1, aims for faster, more efficient customer complaint resolution.