One Nation One Ombudsman By RBI
- The Reserve Bank of India (RBI) has proposed the One Nation One Ombudsman concept to address complaints and improve consumer protection.
The Reserve Bank of India (RBI) announced the One Nation One Ombudsman Scheme on February 5, 2021.
From 22 ombudsman offices of the RBI spread out across the nation, there are dedicated ombudsman schemes for consumer grievance redressal in banking, non-bank financial enterprises, and digital transactions.
The RBI has taken several actions to enhance the Grievance Redress Mechanism of regulated firms in accordance with international standards on consumer protection.
As a one-stop shop, the RBI operationalized the complaint management system portal. Customers whose concerns are not handled by regulated entities will use this platform for alternative dispute resolution.
the merger of three Ombudsman schemes into one as part of the “One Nation, One Ombudsman” strategy to simplify and increase responsiveness to customers of regulated firms.
The scheme aims to streamline the grievance resolution process by allowing consumers of banks, NBFCs, and non-bank PPI issuers to file complaints through an integrated system with a single point of contact. The provided link allows candidates to read about various Indian banks.
- Financial consumer protection has been a high policy priority in many jurisdictions, and the RBI has launched several measures in this area.
One Nation One Ombudsman Scheme Significance
It will make it simpler to file and resolve client complaints.
This will help banks, NBFCs, and non-bank prepaid payment issuers provide better customer service.
The RBI’s One Nation, One Ombudsman initiative attempts to consolidate consumer grievance redressal under a single ombudsman rather than three.
Who Is An Ombudsman?
An ombudsman is a government representative who handles complaints made by regular citizens against public entities.
It refers to a person whom the Legislature has designated to handle grievances brought up against a service or administrative body.
In India, the government has appointed an Ombudsman to handle complaints in the following areas:
- Insurance Ombudsman
- Income Tax Ombudsman
- Banking Ombudsman
