In January 2026, the Reserve Bank of India (RBI) issued the Reserve Bank – Integrated Ombudsman Scheme (RB-IOS) 2026 , a revised grievance‑redress framework designed to simplifying complaint resolution for customers against banks and other finance institutions.
- The RB‑IOS 2026 supersedes the earlier Reserve Bank – Integrated Ombudsman Scheme, 2021 (RB‑IOS 2021) and will come into effect from July 1, 2026.
Exam Hints:
- What? RBI releases revised Integrated Ombudsman Scheme, 2026
- Effective: July 1, 2026, supersedes RB‑IOS 2021
- Dispute Cap: No limit
- Compensation: Rs 30 lakh, Rs 3 lakh
- Appointment: RBI Ombudsman/Deputy Ombudsman – 3 years
About Reserve Bank – Integrated Ombudsman Scheme (RB-IOS) 2026:
Framework: A single integrated scheme replacing multiple legacy schemes, embodying a “One Nation, One Ombudsman” approach.
Applicable to: The Scheme shall apply to the services provided by the following Regulated Entities:
- All Commercial Banks(CBs), Regional Rural Banks(RRBs), State Co-operative Banks(StCBs), Central Co-operative Banks(CCBs), Scheduled Primary (Urban) Co-operative Banks(UCBs), and Non-Scheduled Primary UCBs with deposits size of Rs 50 crore (Cr) and above as on the date of the audited balance sheet of the previous financial year.
- All Non-Banking Financial Companies (NBFC) (excluding Housing Finance Companies(HFCs), Core Investment Company (CIC), Infrastructure Debt Fund-NBFC, NBFC – Infrastructure Finance Company (IFC), Non-Operative Financial Holding Company (NOFHC), Primary Dealers (PDs), Mortgage Guarantee Companies (MGC) which
- Are authorised to accept deposits; or
- have customer interface, with an asset size of Rs 100 Cr and above as on the date of the audited balance sheet of the previous financial year.
- All Non-bank Prepaid Payment Instruments (PPI) Issuers.
- Credit Information Companies
No dispute cap: There is no limit on the amount in a dispute that can be brought before the RBI Ombudsman for which the RBI Ombudsman/ RBI Deputy Ombudsman can facilitate a settlement or pass an Award.
Compensation Increased: For any consequential loss suffered by the Complainant, the RBI Ombudsman shall have the power to provide a compensation up to Rs 30 lakh (previously Rs 20 lakh).
- In addition, the RBI Ombudsman shall also have the power to provide a compensation up to Rs 3 lakh (previously Rs 1 lakh) for the loss of the Complainant’s time, expenses incurred, harassment/mental anguish suffered, etc.
CRPC: The RBI will establish the Centralised Receipt and Processing Centre (CRPC) at one or more places, to receive the complaints filed under the scheme and process them.
Appeal Mechanism: Both complainants and regulated entities can file an appeal to the Appellate Authority within the prescribed period.
Filing Process: Customers can file complaints online through the RBI’s Complaint Management System portal or submit them via email or post to the CRPC.
Appointment: The RBI can appoint one or more of its officers as RBI Ombudsman and Deputy Ombudsman, to carry out the functions entrusted to them under the Scheme.
- The appointment of RBI Ombudsman or Deputy Ombudsman, as the case may be, will be made generally for a period of three years at a time.
About Reserve Bank of India(RBI):
It was established on 1st April 1935 in accordance with the provisions of the RBI Act,1934.
Governor – Sanjay Malhotra
Headquarters – Mumbai, Maharashtra
