RBI introduces Internal Ombudsman Mechanism for Credit Information Companies(CICs)

RBI introduces Internal Ombudsman Mechanism for Credit Information Companies(CICs)Reserve Bank of India (RBI) has urged Credit Information Companies to designate an internal ombudsman (IO) by April 1, 2023 in order to enhance the effectiveness of its grievance redressal systems. Reserve Bank of India (RBI) is looking for including CICs in the scope of the RBI-Integrated Ombudsman Scheme 2021 in order to broaden its appeal.

Banking Ombudsman Scheme:

  • The Banking Ombudsman Scheme is an expeditious and inexpensive forum for bank customers to the resolution of complaints associating with certain services rendered by banks.
  • RBI launched Banking Ombudsman Scheme under Section 35 A of the Banking Regulation Act, 1949 with effect in 1995.

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