RBI's New Ombudsman Scheme: Faster Complaint Resolution, Up to Rs 30 Lakh Compensation

• RBI introduces the revised Reserve Bank Integrated Ombudsman Scheme – 2026, effective July 1, 2026.
• The scheme aims for quicker, more transparent, and efficient resolution of customer complaints against banks and financial institutions.
• It allows for easy complaint registration, online submissions, and resolution without strict rules of evidence.
• Centralized receipt and processing centers will be established to handle complaints nationwide.
• Complainants can receive up to Rs 30 lakh for direct loss and an additional Rs 3 lakh for mental agony or expenses.

Why It Matters: RBI's new Ombudsman Scheme offers faster, easier complaint resolution and significant compensation for bank customers.