Live Breaking News & Updates on Reserve Bank Directives

Synopsis
Currently, there are separate ombudsmen for banks, non-banking finance companies and prepaid card issuers. The move is aimed at providing an efficient dispute resolution mechanism to the customers.
In the Statement on Development and Regulatory policy issued today by the RBI Governor Shatikanta Das, it has been proposed to merge the three-separate ombudsman schemes for banks, NBFCs and non-bank prepaid instruments. As per the announcement, the Integrated Ombudsman Scheme will be rolled out in June, 2021.
Currently, there are separate ombudsmen for banks, non-banking finance companies and prepaid card issuers. The move is aimed at providing an efficient dispute resolution mechanism to the customers. ....

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