Reserve Bank of India Launches Integrated Ombudsman Scheme 2026

The Reserve Bank of India launched the Reserve Bank – Integrated Ombudsman Scheme (RB-IOS), 2026, in July 2026. The program provides a free and independent mechanism for customers to resolve grievances against banks and other regulated financial entities, including specific non-banking financial companies, credit information companies, and non-bank prepaid payment instrument issuers.

Under the scheme, the RBI Ombudsman can award total compensation of up to Rs 33 lakh. This total includes up to Rs 30 lakh for consequential financial losses and up to Rs 3 lakh for expenses, harassment, and mental anguish. Compensation is not automatic; claimants must prove that a deficiency in service directly caused a measurable loss.

To access the process, customers must first lodge a formal complaint with the respective financial institution. If the response is unsatisfactory or the issue remains unresolved, the customer may then escalate the matter to the Ombudsman for resolution.