BANKING, FINANCE and BUSINESS Current Affairs

RBI Expands the Integrated Ombudsman Scheme.

• Scheme: Reserve Bank - Integrated Ombudsman Scheme (RB-IOS)
• Change: The Scope was to be expanded to cover State and Central Co-operative Banks.
• Effective Date: November 1, 2025
• Legal Authority: Section 35A of the banking regulation act, 1949.

• Complete List of Exempt Entities:
  • Commercial Banks/ Regional Rural Banks (RRBs)
  • State Co-operative Banks/ Central Co-operative Banks (newly added).
  • Primary (Urban) Co-operative Banks (deposits 50 crore and above)
  • NBFCs (except HFCs) having customer interface (asset size 100 crore and above)
  • Credit Information Company (CIC) and System Participants.
• Purpose:
  • Enforce consumer grievance redressal and provide consistency in complaint settlements to a wider spectrum of financial institutions.

RBI extends Integrated Ombudsman Scheme

• Scheme: Reserve Bank - Integrated Ombudsman Scheme (RB-IOS)
• Change: The Scope was to be expanded to cover State and Central Co-operative Banks.
• Effective Date: November 1, 2025
• Legal Authority: Section 35A of the banking regulation act, 1949.

Complete List of Exempt Entities:

• Commercial Banks/ Regional Rural Banks (RRBs)
• State Co-operative Banks/ Central Co-operative Banks (newly added).
• Primary (Urban) Co-operative Banks (deposits 50 crore and above)
• NBFCs (except HFCs) having customer interface (asset size 100 crore and above)
• Credit Information Company (CIC) and System Participants.

Purpose:

• Enforce consumer grievance redressal and provide consistency in complaint settlements to a wider spectrum of financial institutions.