Mumbai: State and central co-operative banks will come under the ambit of the Reserve Bank – Integrated Ombudsman Scheme (RB-IOS) 2021, from November 1, the RBI said on Tuesday. The RBI has issued a notification in this regard.
With this enhancement, the Integrated Ombudsman Scheme would cover all commercial banks, regional rural banks, state co-operative banks, central co-operative banks, scheduled primary (urban) co-operative banks, and non-scheduled primary (urban) co-operative banks with Rs 50 crore deposit size.
All non-banking financial companies — excluding housing finance companies, which are authorised to accept deposits or have a customer interface, with an asset size of Rs 100 crore and above — are covered under the scheme. Credit information companies are also covered under the scheme.
The RB-IOS - launched in November 2021, provides customers of regulated entities (REs) a speedy, cost-effective and expeditious alternate grievance redress mechanism.