Reserve Bank – Integrated Ombudsman Scheme

• Vaid's ICS, Lucknow
• 16, Nov 2021

Why in News?

The Reserve Bank – Integrated Ombudsman Scheme was launched by Prime Minster Narendra Modi in November 2021. The scheme aims to improve the grievance redress mechanism that addresses the complaints generated against the entities regulated by RBI.

What is Integrated Ombudsman Scheme?

• The scheme addresses the financial grievances.
• It helps to avoid situations where different entities of the central bank should be visited.
• It allows to file complaints, track its status and submit documents in a single point.
• The scheme has one email id, one portal and one address for all complaints and hence is called the Integrated Ombudsman Scheme.
• Ombudsman is an official body where the customers can file complaints if the financial institute did not address the complaint within thirty days.
• The customers can also approach ombudsman if he or she is not satisfied with the explanation provided by the financial institution.

What are the benefits of Integrated Ombudsman Scheme?

• The scheme will help to remove the jurisdictional limitations.
• It provides single reference point for the customers to track status of complaints, submit documents and provide feedback.
• The scheme has set up Centralised Receipt and Processing Centre. To handle all the complaint receipts.
• This will help India move towards One Nation – One Jurisdiction approach

From which scheme was the idea of Integrated Ombudsman Scheme derived?

• The theme of Reserve Bank – Integrated Ombudsman Scheme is based on One Nation – One Ombudsman scheme.
• The One Nation – One Ombudsman scheme aims to address the complaints registered against non – banking financial companies, bankers and digital transactions.
• It operates under the theme of one portal, one postal address and one e – mail address for the customers to register their complaints.
• The scheme operates from 22 offices of the central bank spread across the country.     

FACTS FOR PRELIMS:

Next COP venues:

The 2021 UN Climate Change Conference, COP26, concluded recently at Glasgow.

• At the end of the conference, the council decided that the 2022 edition of the Conference of Parties, or the 27th COP, will take place at Sharm El-Sheikh, Egypt, and the 28th edition in 2023 will be held in the UAE.

Kashi corridor project:

• The project connects the Kashi temple with the ghats of the Ganga, with a paved walkway around 320 metres long and 20 metres wide.
• It will also have facilities for a museum, library, a facilitation centre for pilgrims and a Mumuksha Bhawan (salvation house).