The Reserve Bank of India (RBI) on December 29, 2023, issued the Master Direction - Reserve Bank of India (Internal Ombudsman for Regulated Entities) Directions, 2023.
This Master Direction brings in uniformity in matters like timeline for escalation of complaints to the IO, exclusions from escalating complaints to the IO, temporary absence of the IO, minimum qualifications for appointing the IO and updation of reporting formats, in addition to introduction of the post of Deputy Internal Ombudsman. These instructions are expected to further strengthen the IO mechanism and in turn, the Internal Grievance Redress system in regulated entities apart from providing ease of compliance.
[Press Release: 2023-2024/1588]
