Siddartha S. Karnani Shares Insights with Business Standard on RBI’s Revised Integrated Ombudsman Scheme

Siddartha Karnani recently shared his insights with Business Standard on the Reserve Bank of India’s revised Integrated Ombudsman Scheme and its implications for consumers and regulated entities. 

Commenting on the significance of the revised framework, Siddartha noted that the ombudsman mechanism promotes greater accountability, transparency and higher customer service standards across the financial sector. 

He highlighted that the revised scheme introduces several important changes, including higher compensation limits, an expanded role for deputy ombudsmen in handling complaints, greater clarity on complaint maintainability and appeals, and a broader scope for addressing service deficiencies. 

Siddartha also explained the procedural framework for filing complaints under the scheme. He emphasised that customers cannot approach the RBI Ombudsman directly and must first exhaust the grievance redressal mechanism of the concerned regulated entity. If a complaint is rejected, remains unresolved for 30 days, or the response received is unsatisfactory, the complainant may approach the RBI Ombudsman within 90 days. 

While noting that the revised framework strengthens consumer protection, Siddartha observed that its long-term effectiveness will also depend on the RBI’s ability to efficiently manage an increasing volume of complaints and ensure timely resolution. 

Read the full article here: https://www.business-standard.com/finance/personal-finance/what-rbi-s-new-ombudsman-rules-mean-for-your-bank-complaints-126070901123_1.html 

Last Updated on 9 July, 2026