Question
The scheme under which the complaints related to
digital payments can be resolved is _______Solution
Reserve Bank - Integrated Ombudsman Scheme, 2021 (RB-IOS) was introduced on November 12, 2021. It integrated the erstwhile three Ombudsman schemes of RBI namely, (i) the Banking Ombudsman Scheme, 2006; (ii) the Ombudsman Scheme for Non-Banking Financial Companies, 2018; and (iii) the Ombudsman Scheme for Digital Transactions, 2019 The RB-IOS streamlines the grievance redressal processand simplifies procedures, centralizes complaint receipt, expands coverage to more entities, and eliminates jurisdictional disparities. RB-IOS, 2021 provides for cost-free redress of customer complaints involving deficiency in services rendered by entities regulated by RBI, if not resolved to the satisfaction of the customers or not replied to within a period of 30 days by the Regulated Entities (REs).
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