The Reserve Bank of India (RBI) on January 24, 2025, issued an Annual Report of Ombudsman Scheme, 2023-24.
The following has been stated: -
•The Reserve Bank of India released the Annual Report of the Ombudsman Scheme for the period April 01, 2023 to March 31, 2024.
•In FY 2023-24, the Reserve Bank focused on strengthening customer protection, encouraging regulated entities to adopt a customer-centric approach. It enhanced grievance redress through improved Internal Ombudsman mechanisms and increased awareness of safe banking practices.
•Efforts included outreach via media and the release of an awareness booklet, 'The Alert Family.' The Annual Report details the progress and key policy initiatives under the Ombudsman Scheme and customer protection measures.
•The Annual Report of the RB-IOS (2023-24) highlights a significant increase in complaints, with 9,34,355 received across 24 RBI Ombudsman Offices and CRPC, marking a 32.81% rise from the previous year.
•Complaints mainly targeted banks and NBFCs, with loans and advances being the largest category. The RB-IOS resolved 95.10% of complaints, with many settled through conciliation. Key initiatives included strengthening the Internal Ombudsman mechanism, expanding contact centers, and increasing public awareness via booklets and outreach programs.
•The RBI also conducted town halls and educational events to promote consumer protection. Going forward, the RBI plans to improve the complaint management system and enhance grievance redress mechanisms.
The detailed notification is given in the document below.
[Notification No. 2024-2025/2006]
