Question

    Which of the following agencies recently has been taken

    under the ambit of Integrated Ombudsman Scheme 
    A Non-banking finance companies Correct Answer Incorrect Answer
    B Payment aggregators Correct Answer Incorrect Answer
    C Credit Information Companies Correct Answer Incorrect Answer
    D Asset Management Companies Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    The Reserve Bank-Integrated Ombudsman Scheme (RB-IOS) 2021, covers Regulated Entities (REs) such as scheduled commercial banks including urban cooperative banks, non-banking financial companies (NBFCs) and non-scheduled primary co-operative banks with a deposit size of ₹50 crore and above. In order to make the RB-IOS more broad based, it has been decided to bring Credit Information Companies (CICs) also under the ambit of RB-IOS 2021. This will provide a cost free alternate redress mechanism to customers of REs for grievances against CICs. Further, with a view to strengthen the internal grievance redress of the CICs and to make it more efficient, it has also been decided to bring the CICs under the Internal Ombudsman (IO) framework

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