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ARTICLE · 24 JANUARY 2024

AKP Banking & Finance Digest- January 08, 2024

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The Reserve Bank of India ("RBI") has issued a master direction concerning the Internal Ombudsman ("IO") norms for banks and big Non-Banking Financial...

GlobalFinance and Banking
Anuroop Omkar
Anuroop Omkar

1. Regulatory Updates

1.1. India

1.1.1. RBI issues master direction for internal ombudsman in banks and NBFCs

The Reserve Bank of India ("RBI") has issued a master direction concerning the Internal Ombudsman ("IO") norms for banks and big Non-Banking Financial Companies ("NBFCs"). This initiative aims to streamline and standardise the regulations governing the IO mechanism across various regulated entities. The objective is to enhance the effectiveness of the IO mechanism and subsequently improve the internal grievance redress system in these entities. The directions focus on ensuring consistency in areas such as the timeline for escalating complaints to the IO, specific exclusions from this escalation process, minimum qualifications for appointing an IO, and updating reporting formats. These guidelines are applicable to banks and NBFCs, including deposit-taking NBFCs with 10 (ten) or more branches, non-deposit-taking NBFCs with an asset size exceeding INR

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