RBI directs banks with over 10 branches to have an internal Ombudsman

RBI directs banks with over 10 branches to have an internal Ombudsman

RBI directs banks with over 10 branches to have an internal Ombudsman
 The Reserve Bank of India asked all scheduled commercial banks with more than 10 branches to appoint an internal ombudsman. It has excluded regional rural banks (RRB) from its directive.

RBI has reviewed the arrangement and issued revised directions under Section 35 A of the Banking Regulation Act, 1949 in the form of Internal Ombudsman Scheme, 2018.

An ombudsman is a person officially charged with investigating and addressing public complaints or violation of rights.

The tenure of the IO cannot be more than five years and it is not open to reappointment.

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