Under the Reserve Bank - Integrated Ombudsman Scheme, 2021 (RB-IO

1. Exhaustion of Remedy: Unlike some consumer laws, you cannot jump straight to the Ombudsman. You must first give the Regulated Entity (RE)be it a Bank, NBFC, or Payment System Participant a chance to fix the issue. 2. The 30-Day Rule: The "cause of action" for the Ombudsman arises only if: o The RE rejects the complaint (partially or wholly). o The RE does not respond within 30 days of receiving your complaint. o You are not satisfied with the response provided. 3. The Limitation Period: If the bank replies: You have 1 year from the date of that reply to file with the Ombudsman. o If the bank does NOT reply: You have 1 year and 30 days from the date you first complained to the bank. 4. One Nation, One Ombudsman: Unlike the 2006 scheme, which had territorial limits, the 2021 scheme allows you to file at a single point the Centralised Receipt and Processing Centre (CRPC), Chandigarh, or through the online portal regardless of where your branch is located.