RBI releases Annual Report of Ombudsman Schemes, 2019-20

Last updated: 10 February 2021

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The Reserve Bank of India has released its Annual Report for the Ombudsman Schemes covering the period 2019-20. This report details the activities of the Banking Ombudsman Scheme (BOS), the Ombudsman Scheme for Non-Banking Financial Companies (OSNBFC), and the Ombudsman Scheme for Digital Transactions (OSDT). It highlights a significant increase in complaints received, with most being handled electronically, and outlines future plans including the integration of the three schemes into a single unit from June 2021.

Reserve Bank of India Date :Feb 08, 2021 RBI releases Annual Report of Ombudsman Schemes, 2019-20 The Reserve Bank of India (RBI) today released theAnnual Reportof the Ombudsman Schemes of the Reserve Bank for the year 2019-20. The Banking Ombudsman Scheme (BOS) was first notified by the Reserve Bank in 1995 under Section 35 A of the Banking Regulation Act, 1949. It is administered by the Reserve Bank through 22 Offices of Banking Ombudsman (OBOs) covering all states and union territori

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FAQ :

The report covers the activities and developments under the Banking Ombudsman Scheme (BOS), the Ombudsman Scheme for Non-Banking Financial Companies (OSNBFC), and the Ombudsman Scheme for Digital Transactions (OSDT) for the financial year 2019-20.

There was a 64.97% increase in complaints, with 3,30,543 received in 2019-20, compared to 2,00,362 in the previous year. Most were received electronically.

The primary grounds for complaints were related to ATM/Debit Cards, Mobile/Electronic banking, and non-observance of the Fair Practices Code.

The three existing Ombudsman Schemes are being merged and integrated into a single scheme, which is set to be rolled out starting from June 2021.

The Reserve Bank utilises a state-of-the-art Complaint Management System (CMS), launched in June 2019, which digitalises the entire grievance handling process and brings all stakeholders onto one platform.