ENA Sectors 2026-01-19 16:47:02 <p><span style="font-size:14px"><strong>New Delhi, Jan 19 (KNN)</strong> The Reserve Bank of India (RBI) has removed the limit on the value of disputes that a complainant can bring before an RBI Ombudsman under the Reserve Bank Integrated Ombudsman Scheme (RB-IOS), 2026. </span></p> <p><span style="font-size:14px">Under the revised framework, the Ombudsman or Deputy Ombudsman may facilitate a settlement or pass an award irrespective of the amount involved in the dispute.</span></p> <p><strong><span style="font-size:14px">Compensation Limits Specified</span></strong></p> <p><span style="font-size:14px">While there is no ceiling on the dispute amount, the Ombudsman may award compensation of up to Rs 30 lakh for consequential losses suffered by a complainant. In addition, compensation of up to Rs 3 lakh may be granted for loss of time, expenses incurred, harassment or mental anguish, if any.</span></p> <p><strong><span style="font-size:14px">Wider Coverage and Implementation Timeline</span></strong></p> <p><span style="font-size:14px">The revised scheme will apply to banks, non-banking financial companies, non-bank prepaid payment instrument issuers and credit information companies. It will come into effect from July 1, 2026. </span></p> <p><span style="font-size:14px">According to the RBI, the changes are aimed at strengthening the Ombudsman framework and improving the efficiency of complaint resolution.</span></p> <p><strong><span style="font-size:14px">Focus on Faster and Non-Adversarial Redress</span></strong></p> <p><span style="font-size:14px">The central bank said the scheme seeks to provide a cost-effective, expeditious and non-adversarial alternative grievance redress mechanism for complaints against regulated entities covered under the framework.</span></p> <p><strong><span style="font-size:14px">Appointments and Operational Structure</span></strong></p> <p><span style="font-size:14px">The RBI may appoint one or more of its officers as RBI Ombudsman and Deputy Ombudsman to carry out functions under the scheme. Such appointments will generally be for a period of three years. </span></p> <p><span style="font-size:14px">To speed up complaint disposal, the Ombudsman may hold sittings at locations and in a manner considered necessary.</span></p> <p><strong><span style="font-size:14px">Centralised Complaint Handling</span></strong></p> <p><span style="font-size:14px">The RBI will establish a Centralised Receipt and Processing Centre at one or more locations to receive and process complaints under the scheme. </span></p> <p><span style="font-size:14px">Online complaints will be registered through the RBIs Complaint Management System portal, while complaints received by email or in physical form will be routed to the centralised centre for processing.</span></p> <p><em><strong><span style="font-size:14px">(KNN Bureau)</span></strong></em></p> 44821 https://knnindia.co.in/news/newsdetails/sectors/rbi-lifts-dispute-amount-cap-in-ombudsman-cases-sets-rs-30-lakh-compensation-ceiling 2026-01-19 16:47:02 knnindia.co.in