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Corporate Laws Central Ministry of Finance Reserve Bank of India Act, 1934

Reserve Bank of India (Internal Ombudsman) Directions, 2023

29-Dec-2023 | RBI/CEPD/2023-24/108 CEPD.PRD.No.S1228/13.01.019/2023-24

Reserve Bank of India has issued Reserve Bank of India (Internal Ombudsman) Directions, 2023, effective from 29th December 2023. The key highlights are: 1. The regulated entity shall appoint the Internal Ombudsman after satisfying themselves that the required prerequisites are fulfilled for the appointment of the Internal Ombudsman. 2. The regulated entity may appoint one or more Deputy Internal Ombudsman depending on the volume of complaints received by them, who would assist the Internal Ombudsman in the quality disposal of the complaints. 3. The regulated entity shall conduct an internal audit of the implementation of these Directions on a yearly basis. 4. The regulated entity shall formulate a Standard Operating Procedure (SOP) approved by the Committee of the Board handling Customer Service and Protection and establish a fully automated Complaints Management Software wherein all complaints that are partly or wholly rejected by the regulated entity?s internal grievance redress mechanism are auto-escalated to the Internal Ombudsman within 20 days of receipt, for a final decision. 5. Repeal of the existing Schemes: a. The Reserve Bank introduces Internal Ombudsman Scheme, 2018 for Scheduled Commercial Banks dated 3rd September 2018. b. Appointment of Internal Ombudsman by Non-Banking Financial Companies dated 15th November 2021 c. Reserve Bank of India (Credit Information Companies- Internal Ombudsman) Directions, 2022 dated 6th October 2022. For detailed information, please refer to the attached document.

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