Skip to main content

How to file a complaint against a bank / NBFC / PPI / CIC?

Account debited without dispensing cash from an ATM? Having discrepancy in your credit card statement? Having issues regarding your loan account with NBFC? Funds debited from your prepaid card, but beneficiary account not credited? What should you do? Where can you file the complaint?

Where should you file your complaint?

If you are having a complaint against an entity regulated by Reserve Bank of India (like banks, NBFCs, PPI Issuers) in respect of a deposit account (savings, current, FD, RD, etc.) or a credit facility (loan, credit card, overdraft, etc.) or any other services, you shall first file a complaint with the concerned regulated entity. 

How to file a complaint with the regulated entity?

The complaint can be filed by sending an email to the regulated entity or by submitting a written compliant to the branch of the regulated entity against an acknowledgement. The complaint shall include the details of your account (savings / FD, loan, credit card, etc.), description of the issue faced, resolution sought and your contact details.

The list of customer care contacts details is available at –

What if complaint is not resolved by the regulated entity?

You can approach the RBI Ombudsman under the Integrated Ombudsman Scheme, 2021, if –

  1. The regulated entity does not resolve your complaint within 30 days of receiving the complaint, or 
  2. The resolution offered by the regulated entity is not satisfactory, or
  3. The compliant is wholly / partially rejected by the regulated entity

What is RBI Integrated Ombudsman Scheme (RBI-IOS), 2021?

  • RBI-IOS was launched on November 12, 2021, by integrating the existing 3 Ombudsman schemes of RBI. 
  • It adopts ‘One Nation One Ombudsman’ approach by making the RBI Ombudsman mechanism jurisdiction neutral. 
  • It provides cost-free redress of customer complaints involving deficiency in services rendered by entities regulated by RBI.

Which schemes are integrated in RBI-IOS?

RBI-IOS integrates the following existing schemes of RBI –

Schemes Powers derived from Entities covered
Banking Ombudsman Scheme, 2006 Section 35A of BR Act, 1949 Scheduled Commercial Banks (SCBs), Scheduled UCBs, RRBs, Small Finance Banks (SFBs) and Payment Banks (PBs)
Ombudsman Scheme for NBFCs, 2018 Section 45L of RBI Act, 1934 NBFCs which are authorized to accept deposits
NBFC-NDs having customer interface, with asset size of ₹100 crore or above
Ombudsman Scheme for Digital Transactions, 2019 Section 18 of Payment and Settlement Systems Act, 2007 Non-bank System Participants (issuers of Pre-paid Payment Instruments (PPIs)) regulated by RBI

In addition to integrating the existing 3 schemes, RBI-IOS also includes under its ambit Non-Scheduled Primary Co-operative Banks with a deposit size of ₹50 crore and above. 

W.e.f. September 01, 2022, RBI-IOS shall also be applicable to Credit Information Companies (CICs).

The list of entities covered under RBI-IOS is available at https://cms.rbi.org.in/cms/assets/Documents/RBIO_English_Portal.pdf

Which entities are not covered by RBI-IOS?

RBI-IOS doesn’t apply to –

  1. A bank in resolution or winding up or under directions
  2. Core Investment Company (CIC)
  3. Infrastructure Debt Fund - NBFC (IDF-NBFC)
  4. NBFC - Infrastructure Finance Company (NBFC-IFC)
  5. A company in resolution or winding up / liquidation

The list of entities not covered under RBI-IOS is available at https://cms.rbi.org.in/cms/assets/Documents/CEPC_English_Portal.pdf

What is deficiency in service?

Deficiency in service means a shortcoming or an inadequacy in any financial service, which the regulated entity is required to provide statutorily or otherwise, which may or may not result in financial loss or damage to the customer.

How to file a complaint under RBI-IOS?

Complaints can be filed in any of the following ways –

  1. Online on portal https://cms.rbi.org.in.
  2. Through the dedicated e-mail crpc@rbi.org.in.
  3. Sent in physical mode to Centralized Receipt and Processing Centre (CEPC), Reserve Bank of India, Central Vista, Sector 17, Chandigarh – 160017.

Whom can you contact for help with your complaints?

Contact Centre with a toll-free number – 14448 (9:30 am to 5:15 pm) is being operationalized in Hindi, English and in 10 regional languages to provide information / clarifications regarding the alternate grievance redress mechanism of RBI and to guide complainants in filing of a complaint.

How much compensation can be granted under RBI-IOS?

A compensation of up to Rs.20 lakh can be awarded by RBI Ombudsman. In addition to this, a compensation of up to Rs.1 lakh may be granted for the loss of the complainant’s time, expenses incurred and for harassment / mental anguish suffered by the complainant.

What if you are not satisfied with the resolution offered by RBI Ombudsman?

In case the resolution offered by RBI Ombudsman is not satisfactory or the complaint is rejected by RBI-IOS, an appeal can be filed with the Appellate Authority of RBI within 30 days of receiving reply / rejection from RBI Ombudsman. Appellate Authority is the Executive Director in-Charge of the Department of RBI administering the RBI-IOS.


References

Reserve Bank of India. (2021, November 12). 'The Reserve Bank - Integrated Ombudsman Scheme, 2021'. Retrieved from https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=52549

Reserve Bank of India. (2021, November 12). 'THE RESERVE BANK - INTEGRATED OMBUDSMAN SCHEME, 2021'. Retrieved from https://rbidocs.rbi.org.in/rdocs/content/pdfs/RBIOS2021_121121.pdf

Reserve Bank of India. (2022, August 05). 'Reserve Bank - Integrated Ombudsman Scheme, 2021 (RBIOS, 2021)'. Retrieved from https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12371&Mode=0

Reserve Bank of India. (2023, January 04). 'RBI releases Annual Report of Ombudsman Schemes, 2021-22'. Retrieved from https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=54989


Follow at - Telegram   Instagram   LinkedIn   Twitter

Labels:

Comments

Post a Comment

Popular Posts

Highlights of RBI Annual Report 2023-24 – Chapter 7 to 12

Reserve Bank of India (RBI) has published its annual report for the financial year 2023-24. In a series of articles, we will go through the highlights of the report. This is the fifth and last article in the series.  Chapter 7 – Public Debt Management Ways And Means Advances (WMA) limit for the Government of India (GoI) for H1:2023-24 (April to September 2023) was fixed at ₹1,50,000 crore and for H2:2023-24 (October 2023 to March 2024) was fixed at ₹50,000 crore. RBI issued an ultra-long security of 50-year tenor aggregating ₹30,000 crore to cater to the growing needs of long-term institutional players. Issuance of Sovereign Green Bonds (SGrBs) for an aggregate amount of ₹20,000 crore included maiden issuance of 30-year (₹10,000 crore) SGrB in addition to 5-year (₹5,000 crore) and 10-year (₹5,000 crore) SGrBs. A new 3-year benchmark security was introduced as part of government market borrowing programme during H1:2023-24.  The basket of products offered through the ‘Retail ...
Post a Comment
Read more

Lending against Gold and Silver collateral

Reserve Bank of India (RBI) has issued directions on lending against the collateral of gold and silver. To whom are the directions applicable? The directions are applicable to the following regulated entities (REs) – Commercial Banks (including Small Finance Banks, Local Area Banks and Regional Rural Banks, but excluding Payments Banks). Primary (Urban) Co-operative Banks (UCBs) & Rural Co-operative Banks (RCBs), i.e., State Co-operative Banks (StCBs) and Central Co-operative Banks (CCBs). Non-Banking Financial Companies (NBFCs), including Housing Finance Companies (HFCs). Which loans are covered under the directions? The directions shall apply to all loans offered by an RE for the purpose of consumption or income generation (including farm credit) where eligible gold or silver collateral is accepted as a collateral security. What is eligible collateral? Eligible collateral means the collateral of jewellery, ornaments or coins made of gold or silver. A lender shall not grant any ad...
Post a Comment
Read more

Prior approvals from or intimations / reporting to RBI by NBFC-BL

Non-Banking Financial Companies (NBFCs) are required to obtain prior approvals from Reserve Bank of India (RBI) or intimate / report to RBI various events. This article lists out some of such important events where prior approvals or intimations / reporting is required for Base Layer NBFCs (NBFC-BL). Events requiring prior approval from RBI  Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 dated October 19, 2023 Para 30 – NBFCs shall prepare its balance sheet and profit and loss account as on March 31 every year. Whenever an NBFC intends to extend the date of its balance sheet as per provisions of the Companies Act, 2013, it shall take prior approval of RBI before approaching the Registrar of Companies for this purpose. Even in cases where RBI and the Registrar of Companies grant extension of time, the NBFC shall furnish to RBI a proforma balance sheet (unaudited) as on March 31 of the year and the statutory returns ...
Post a Comment
Read more

RBI’s Monetary Policy (June 06, 2025): In A Nutshell

The bi-monthly monetary policy of Reserve Bank of India (RBI) was announced on June 06, 2025. Here are some of the highlights of the monetary policy announcement. Rates   Change Rate Policy repo rate Reduced by 0.50% 5.50% Standing deposit facility (SDF) rate 5.25% Marginal standing facility (MSF) rate 5.75% Bank rate 5.75% Monetary policy stance Monetary policy stance was changed from ‘accommodative’ to ‘neutral’. Domestic Economy  The Indian economy presents a picture of strength, stability, and opportunity. The 5x3x3 matrix of fundamentals provides the necessary core strength to cushion the Indian economy against global spillovers and propel it to grow at a faster pace.  First, strength comes from the strong balance sheets of the 5 major sectors - corporates, banks, households, government, and the external sector.  Second, there is stability on all 3 fronts – price, financial, and political – providing policy and economic certainty.  Third, the Indian ec...
Post a Comment
Read more

What is KYC?

Be it opening a new bank account, applying for a new credit card, registering for new e-wallet, or any other account or facility involving financial matters, the application process is incomplete until KYC is done.  What is KYC? KYC or Know Your Customer is a process of customer identification and verification while opening an account or undertaking a financial transaction. Why is KYC process needed? To prevent money laundering To combat financing of terrorism What is verified under KYC? The banks / financial institutions collect the relevant documents from the customers to verify the following – Proof of identity Proof of address Which documents can be collected for KYC? As per RBI’s Master Direction - Know Your Customer (KYC) Direction, 2016 (Updated as on May 10, 2021), “Officially Valid Document” (OVD) means – Passport Driving licence Proof of possession of Aadhaar number Voter's Identity Card issued by the Election Commission of India Job card issued by NREGA duly signed by an...
Post a Comment
Read more