RESERVE BANK OMBUDSMAN

How to report unauthorized transaction in savings account: As per the guidelines set by the Reserve Bank of India (RBI), customers will bear limited responsibility in case unauthorized electronic transactions result in deductions from their accounts...

The Bombay High Court ordered Bank of Baroda to refund Rs 76 lakh to a company due to online fraud. The ruling emphasized the importance of customers reporting fraudulent transactions promptly, following RBI guidelines. The court criticized the bank...

The Bombay High Court ruled that customers have zero liability for unauthorized transactions caused by third-party breaches, directing Bank of Baroda to refund Rs 76 lakh to Pharma Search Ayurveda Private Limited. The court cited a 2017 RBI circular...

Card issuers are restricted from offering unsolicited credit cards and are required to get the customer's prior and explicit authorisation before issuing the card, according to the Reserve Bank of India (RBI) rules.

RBI Ombudsman: Facing any issue with your bank? First try to solve it by filing a complaint, etc. If it is still not solved you may approach the Reserve Bank of India (RBI) and file a complaint under the 'Banking Ombudsman Scheme'. Read here to know...

The Reserve Bank of India (RBI) has appointed R. Lakshmi Kanth Rao as its new Executive Director, effective May 10. Rao will oversee the Deposit Insurance and Credit Guarantee Corporation, Right to Information Act (FAA), and Department of Communicat...

RBI advises creating a central fund for internal ombudsman salaries to ensure independence and customer rights protection. The Annual Report highlighted a 68% increase in customer complaints. Challenges in implementation include differing compensati...

Governor Shaktikanta Das addressed the Annual Conference of RBI Ombudsman, emphasizing the importance of data analysis, cybersecurity, fraud prevention, and efficient grievance redressal mechanisms for financial institutions to protect customer info...

The Reserve Bank of India has instructed banks and other financial intermediaries to address shortcomings in their customer grievance systems and ensure equitable pricing of their products and services, along with maintaining transparency in custome...

Customer complaints with the Reserves Bank Ombudsman increased by 68% in 2022-23. Under RBIOS, the central bank handled 7,03,544 complaints, with public sector banks accounting for 41% and private sector banks accounting for 31% of the complaints.

The conference was attended by MD & CEOs, executive directors in charge of customer service verticals, internal ombudsmen, principal nodal officers of select regulated entities from among banks, NBFCs and CICs, besides senior officials from the Rese...

The RBI announced that credit information companies (CICs) will have to compensate clients for delays in updating or correcting their credit information by giving them a daily payment of Rs 100. The 'Framework for reimbursement to consumers for dela...

The Delhi High Court has criticized the "high-handed approach" of the RBI ombudsman in a complaint against a bank, stating that it erodes public trust. The court emphasized that the Ombudsman Scheme is crucial in resolving consumer complaints agains...

The Reserve Bank of India (RBI) is implementing changes to strengthen its customer grievance redressal system. RBI Governor Shaktikanta Das announced the consolidation and harmonisation of the Internal Ombudsman guidelines into a single master direc...

As per the RBI governor, the consolidation of master guidelines will fine tune the redressal of customers' complaints. In November 2021, the RBI announced the Integrated Ombudsman by merging three different ombudsman schemes. The current announcemen...

A panel set up by the Reserve Bank of India (RBI) has recommended measures to improve customer experience at banks and other regulated entities (REs). The panel suggested an online facility for reporting fraudulent transactions, which would trigger ...

The regulator said there will also be a provision for SMS and email alerts to customers when their credit information is accessed from CICs. The RBI said it will also bring in a time frame for ingestion of data received by CICs from Credit Instituti...

Though we take so many precautions when we transfer money, mistakes can happen. Your hard-earned money will go to the wrong account if one digit is replaced by another.

RBI, in the annual report of ombudsman scheme, said that its consumer education and protection department is working towards extension of the scheme to HFCs. This may be done by March 31, 2023. Last year, the coverage of the integrated ombudsman sch...