Lok Sabha Question No. 179 (UNSTARRED), answered on 2024-07-22
Subject: Reserve Bank Integrated Ombudsman Scheme
Ministry: FINANCE
Asked by: Dr. Bhola Singh

## GOVERNMENT OF INDIA MINISTRY OF FINANCE

## DEPARTMENT OF FINANCIAL SERVICES

## LOK SABHA

## UNSTARRED QUESTION NO. 179

## TO BE ANSWERED ON 22 nd  JULY, 2024 (MONDAY) / 31 ASHADHA, 1946 (SAKA) 'RESERVE BANK INTEGRATED  OMBUDSMAN SCHEME'

## 179.   DR. BHOLA SINGH :

Will the Minister of FINANCE be pleased to state:

- (a) whether  the  Government  has  launched  the  Reserve  Bank  Integrated  Ombudsman Scheme to further improve the grievance redressal mechanism for resolving customer complaints against entities regulated by RBI;
- (b) if so, the details thereof;
- (c) whether  the  Government  proposes  'One  Nation-One  Ombudsman'  with  one  portal, one email and one address for the customers to lodge their complaints;
- (d) if so, the details thereof; and
- (e) the  other  remedial  steps  being  taken  by  the  Government  for  safety  and  security  of retail investors?

## ANSWER

## THE MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI PANKAJ CHAUDHARY)

(a)  to  (d): The  Reserve  Bank  -  Integrated  Ombudsman  Scheme,  2021  was  launched  on November 12, 2021 to improve grievance redressal mechanism. The Scheme integrates the erstwhile  three  Ombudsman  schemes  of  RBI  into  one  scheme,  namely,  (i)  the  Banking Ombudsman  Scheme,2006;  (ii) the Ombudsman  Scheme  for  Non-Banking  Financial Companies,  2018;  and  (iii)  the  Ombudsman  Scheme  for  Digital  Transactions,  2019.  The Scheme adopts 'One Nation One Ombudsman' approach by making the RBI Ombudsman mechanism  jurisdiction  neutral;  whereby  complaints  can  be  lodged  from  anywhere  in  the country, at one address and one email at one portal. Complainant is not required to identify scheme, under which she/he would file complaint. Scheme will provide cost-free redress of customer complaints involving deficiency in service rendered by regulated entities.

(e): SEBI has a centralized web-based complaints redressal system (SCORES) since June, 2011 to lodge complaint under SEBI Regulated Entities. It was revamped w.e.f. 1.4.2024 as SCORES 2.0 (website and mobile app) to enable investors to lodge complaints against SEBI regulated  entities  (i.e.  listed  companies/  registered  intermediaries/  Market  Infrastructure Institutions-MIIs).  Securities  Market  Approach  for  Resolution  through  Online  Dispute Resolution Portal (SMART ODR) run by the Stock Exchanges and Depositories to enable resolve disputes between investors and SEBI regulated entities through the three step process of pre-conciliation, conciliation, and arbitration has been developed. This is designed in such a way as to enable the investors and SEBI regulated entities to reach consensus/resolve their disputes  among  themselves  prior  to  initiation  of  any  formal  legal  proceeding.  Further, Investor  Charter  (mission-vision  statement  and  registered  entity  wise  charters)  has  been issued by SEBI, so that investors are aware of their rights and responsibilities. 50 Investor Service Centres (ISC) have been set up by Stock Exchanges in different cities to facilitate Investors to lodge their grievances on SCORES portal and utilize additional services such as video conferencing etc., required for online conciliation/ arbitration.