RBI Integrated Ombudsman Scheme: Who Qualifies and What You Get
Learn how to resolve complaints against banks and NBFCs through this official resolution mechanism.
This scheme provides a formal way for individuals to seek a resolution for grievances they have against banks or non-banking financial companies (NBFCs).
Who it's for
This scheme is specifically designed for bank customers who have encountered problems with their financial institutions and have found their complaints to be unresolved. If you have a grievance involving a bank or an NBFC and have not reached a satisfactory conclusion through standard channels, you may qualify to use this service.
What you get
The primary benefit of this scheme is the redressal of complaints. It acts as a mechanism to address disputes between customers and their financial service providers, such as banks and non-banking financial companies, ensuring that your concerns are reviewed by an official body to find a resolution.
What it costs you
Using this service is entirely free of charge. There are no fees or costs required to file a complaint or to have your grievance reviewed under this scheme.
The catch to know
The most important thing to understand is that you cannot approach the ombudsman immediately when a problem arises. You must follow a specific sequence: you are required to approach your bank or financial institution first to report the issue. You must then wait for a period of 30 days to allow the institution the opportunity to respond or resolve the matter before you can move your complaint to the ombudsman.
How to apply
- Identify the specific grievance you have with your bank or NBFC.
- Contact your bank or financial institution directly to lodge a formal complaint.
- Wait for a period of 30 days to see if the institution provides a resolution.
- If the issue remains unresolved after that time, visit the official portal to submit your complaint.