RBI Introduces New Integrated Ombudsman Scheme Effective July 1 for Faster Complaint Resolution

• The Reserve Bank of India (RBI) has launched the revised Reserve Bank Integrated Ombudsman Scheme, 2026, to streamline customer complaint resolution.
• The new scheme, effective July 1, aims for quick and cost-effective resolution, with concise proceedings and no mandatory evidence submission.
• RBI will appoint Ombudsmen and Deputy Ombudsmen for three-year terms to handle duties and functions under the scheme.
• Centralized Receipt and Processing Centres will be established to manage and resolve complaints, with online submission options available.
• The scheme has no monetary limit for disputes, and the Ombudsman can award up to 30 lakh rupees for indirect loss and 3 lakh rupees for mental distress.

Why It Matters: RBI's new Integrated Ombudsman Scheme, effective July 1, promises faster, cost-effective resolution of customer complaints.