Question
The Internal Ombudsman has been designated to the Credit
Information Companies with effect from ________.Solution
To enhance the effectiveness of its grievance redressal systems, the Reserve Bank of India ( RBI) has urged Credit Information Companies to designate an internal ombudsman ( IO) by April 1, 2023. The Central Bank made the decision in August to include CICs in the scope of the RBI- Integrated Ombudsman Scheme 2021 in order to broaden its appeal. The RBI claimed that the action would give clients of regulated businesses a free alternative dispute resolution method for complaints regarding CICs. Only complaints that the CIC has already reviewed but rejected in whole or in part will be handled by the IO. Direct complaints from complainants or members of the public won't be handled by it.
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