Additionally, the RBI Ombudsman will also have the power to provide a compensation of up to ₹3 lakh for the loss of the complainant’s time, expenses incurred, harassment/mental anguish suffered, etc., if any, by the complainant.
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There will be no limit on the amount over a dispute that can be brought by a complainant against a regulated entity before an RBI Ombudsman, for which the Ombudsman or his Deputy can facilitate a settlement or pass an Award, according to the Reserve Bank– Integrated Ombudsman Scheme (RB-IOS), 2026.
However, for any consequential loss suffered by the complainant, the RBI Ombudsman will have the power to provide a compensation of up to ₹30 lakh.
Additionally, the RBI Ombudsman will also have the power to provide a compensation of up to ₹3 lakh for the loss of the complainant’s time, expenses incurred, harassment/mental anguish suffered, etc., if any, by the complainant.
Revised rules
The revised RB-IOS, which will be applicable to all banks, non-banking financial companies, non-bank prepaid payment instruments issuers, and credit information companies, that will come into force from July 1, 2026, is expected to strengthen the Reserve Bank Ombudsman framework and bring about further efficiency in resolution of complaints, per a Central bank statement.
“It aims to provide a cost-effective, expeditious, non-adversarial alternate grievance redress mechanism for the resolution of complaints against regulated entities covered under the Scheme,” RBI said.
The Central bank can appoint one or more of its officers as RBI Ombudsman and Deputy Ombudsman, to carry out the functions entrusted to them under the Scheme.
The appointment of RBI Ombudsman or Deputy Ombudsman, as the case may be, will be made generally for a period of three years at a time.
In order to expedite disposal of the complaints, the RBI Ombudsman may hold sittings at such places and in such manner as may be considered necessary and proper in respect of a complaint.
The Reserve Bank will establish the Centralised Receipt and Processing Centre at one or more places, as may be decided by it, to receive the complaints filed under the scheme and process them.
Further, the complaints under the scheme made online will be registered on the portal (https://cms.rbi.org.in). Complaints received through e-mail and physical form, including postal and hand-delivered complaints, shall be addressed and sent to the Centralised Receipt and Processing Centre of the Reserve Bank.
Published on January 16, 2026
