Current Affairs - Banking - Discussion

The Reserve Bank of India (RBI) implemented the revamped Integrated Ombudsman Scheme (RB-IOS, 2026) with effect from July 1, 2026. The scheme replaced the 2021 framework while continuing the "One Nation, One Ombudsman" approach to provide jurisdiction-neutral grievance redressal. It covers banks, eligible NBFCs, non-bank prepaid payment instrument issuers, and credit information companies. The revised framework also specifies compensation limits, complaint timelines, and streamlined filing through the Centralised Receipt and Processing Centre (CRPC), the CMS portal, and a 24×7 multilingual contact centre to improve customer grievance resolution.