Streamlined Grievance Redressal: RBI's New Ombudsman Scheme 2026

The revised Reserve Bank - Integrated Ombudsman Scheme, 2026, unveiled by the central bank, aims to enhance complaint resolution efficiency for bank customers. Set to commence on July 1, 2026, it introduces centralized processing and wider powers for RBI-appointed ombudsmen, allowing substantial compensations for grievances.

The central bank on Friday announced the revamped Reserve Bank - Integrated Ombudsman Scheme, 2026, targeting an improvement in complaint resolution efficiency for bank clients and other regulated institutions.

Scheduled to take effect from July 1, 2026, the scheme promises a cost-effective, swift grievance redress process, free from the constraints of traditional evidentiary rules. The Reserve Bank will appoint officers as RBI Ombudsman and Deputy Ombudsman, each serving a tenure typically lasting three years.

A significant development under this scheme is the creation of a Centralised Receipt and Processing Centre to handle complaints, which can also be submitted online. The RBI Ombudsman is empowered to consider various factors, including banking law principles and ongoing directives, and can award compensation up to Rs 30 lakh for consequential losses.

(With inputs from agencies.)