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Reserve Bank of India : Annual Report on the Ombudsman Schemes, 2020-21
Reserve Bank of India : Annual Report on the Ombudsman Schemes, 2020-21

February 1, 2022

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The Reserve Bank of India (RBI) released its Annual Report on Ombudsman Scheme for 2020-21 (Report). The Report covers the period from July 1, 2020 to March 31, 2021. The Report covers the activities under the Banking Ombudsman Scheme, 2006; the Ombudsman Scheme for Non-Banking Financial Companies, 2019; and the Ombudsman Scheme for Digital Transactions, 2019. These schemes were merged into Integrated Ombudsman Scheme in 2021.

The key takeaways from the Report includes:

  • The volume of complaints received under al three schemes increased by 22.27% on an annualised basis and stood at 3,03,107 during the period.
  • The Banking Ombudsman Scheme accounted for 90.13% of total complaints received under the three Ombudsman schemes.
  • Complaints filed electronically: Of the total complaints received under Banking Ombudsman Scheme, 89.28% were received electronically; for Ombudsman Scheme for Non-Banking Financial Schemes, 93.66% were received electronically; and for Ombudsman Scheme for Digital Transactions, 99.90 were received through electronic means.
  • Major areas of complaints under Banking Ombudsman Scheme pertained with:
  • ATM/debit cards;
  • Mobile/electronic banking; and
  • Credit cards
  • Major areas of complaints under the Ombudsman Scheme for Non-Banking Financial Companies pertained with:

These collectively accounted for 42.74% of total number of complaints.

  • Complaints related to Fair Practices Code (FPC);
  • Non-observance of RBI directions;
  • Levy of charges with notices

Of these, complaints related to Fair Practices Code constituted approximate 54.75% of the total complaints.

 

  • Major areas of complaints under the Ombudsman Scheme for Digital Transactions (OSDT) pertained with:
  • Fund transfers/ Unified Payments Interface
  • Mobile/electronic fund transfer
  • Non-reversal of debit due to wrong beneficiary

Of these, complaints related to fund transfers constituted 51.15% of total complaints followed by mobile/electronic fund transfer at 22.57%.

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Apurva Singh
Senior Policy Associate

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