Reserve Bank Expands Ombudsman Scheme Coverage

The Reserve Bank of India has announced that, starting November 1, state and central co-operative banks will fall under the Reserve Bank – Integrated Ombudsman Scheme. This move aims to provide a comprehensive and efficient grievance redress mechanism, covering a broader range of financial institutions.

State and central co-operative banks will be included in the Reserve Bank – Integrated Ombudsman Scheme from November 1, as announced by the Reserve Bank on Tuesday.

The central bank's notification states that with this inclusion, all commercial banks, regional rural banks, state and central co-operative banks, and various types of primary (urban) co-operative banks with deposits over Rs 50 crore are now covered by the scheme.

Moreover, non-banking financial companies with asset sizes of Rs 100 crore or above, excluding housing finance companies, and credit information companies are also included, ensuring broader coverage for consumer grievance redress.