Suppose an NBFC i.e. non-banking finance company has messed with you or there is a problem related to any payment service provider or your bank account. If you have any problem with these three, then you have to go to different regulators associated with all three. But now it is not so. Only one Ombudsman (Ombudsman) will be able to hear the complaints of all the financial sectors.
All complaints will be heard at one place
Actually, the Reserve Bank of India (RBI) has made such an arrangement that all your complaints are heard at one place. You can file a complaint with the same Ombudsman. You can submit documents. You can track your status and get feedback. On Friday, Prime Minister Narendra Modi launched the Integrated Ombudsman Scheme of RBI.
Objective to expedite the rectification of complaints
The purpose of this Integrated Ombudsman Scheme of the Reserve Bank of India (RBI) is to improve the redressal of complaints. Through this, customer complaints are resolved quickly. Under this, you can lodge complaints regarding banks, non-banking financial companies (NBFCs) and payment services. The Reserve Bank has set up a Centralized Receipt and Processing Center (CRPC) for this. It will work from the perspective of One Nation One Jurisdiction. That is, all complaints will be a centralized process.
Ombudsman is an institution where you can complain if you are not satisfied with the complaints of the financial institutions. This complaint has to be made within 30 days.
How this Ombudsman will work
This theme is based on One Nation One Ombudsman. There will be only one portal for this. There will be only one email ID. There will be only one address. Where the customer can register his complaint. There will also be a reference point for customers to lodge complaints. Here the customer has to submit the relevant documents. From here he will be able to track complaints and take feedback. The toll free number will be in multiple languages, so that the customer can register and understand the complaint in his own language.
How are complaints handled so far?
Presently works as Banking Ombudsman. Banking Ombudsman was launched in 1995. Since then it has been improved five times. A separate Ombudsman for NBFCs was launched in 2018. Ombudsman Scheme was launched in 2019 for digital transactions. The integrated scheme as of now has been prepared on the recommendation of the Ombudsman Committee set up by the Reserve Bank.
This will be the new system
- There will be an internal working group
- This group will have 10 members
- These will have 8 ombudsmen.
- an officer from the legal department
- an officer from consumer education
- Redressal of complaints within 30 days