Reserve Bank of India (RBI) implements revamped Integrated Ombudsman Scheme

Exam-focused facts from the 3 July 2026 current affairs briefing.

Key facts

The Reserve Bank of India (RBI) implemented the revamped Integrated Ombudsman Scheme on 1 July 2026.
The scheme covers banks, eligible Non-Banking Financial Companies (NBFCs), prepaid payment instrument (PPI) issuers, and credit information companies.
Under the One Nation, One Ombudsman approach, complaints can be escalated to the RBI Ombudsman within 90 days if the regulated entity fails to respond within 30 days.
The framework allows for compensation of up to ₹30 lakh for consequential losses.
Compensation of up to ₹3 lakh is permitted for loss of time, expenses, harassment, and mental anguish.