Integrated Ombudsman Scheme (RB-IOS), 2021 Report

Recently, RBI released the annual report for the Ombudsman scheme for the period 2023-24.
The 2023-24 annual report showed a 33% increase in complaints compared to FY23.

• Loan-related complaints increased by 43%in FY24, constituting 29% of total grievances.
• Complaints related to mobile and internet banking also saw a rise due to greater digital adoption.
• The ombudsman resolved 67.8%of maintainable complaints, with 1% settled through mutual agreement and 40.8% rejected due to no service deficiencies.
• The Reserve Bank of India (RBI)launched the Integrated Ombudsman Scheme (RB-IOS) in 2021 to streamline grievance redressal for RBI-regulated entities, implementing the “One Nation One Ombudsman”
• The scheme integrates three previous ombudsman schemes: the Banking Ombudsman Scheme, 2006, the Ombudsman Scheme for Non-Banking Financial Companies, 2018, and the Ombudsman Scheme for Digital Transactions, 2019.
• It covers a wide range of financial entities, including commercial banks, regional rural banks, cooperative banks, NBFCs, payment system participants, and credit information companies.