RBI to bring state, central co-op banks under ombudsman scheme from Nov 1
This story was originally published at 16:35 IST on 7 October 2025
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NEW DELHI - The Reserve Bank of India Tuesday said state co-operative banks and central co-operative banks will come under the central bank's Integrated Ombudsman Scheme with effect from Nov. 1. The move will enable customers of rural co-operative banks access to the ombudsman mechanism.
With this, the ombudsman scheme will cover all commercial banks, regional rural banks, state co-operative banks, central co-operative banks, scheduled primary (urban) co-operative banks, and non-scheduled primary (urban) co-operative banks with deposits size of INR 500 million and above.
All non-banking financial companies, excluding housing finance companies, which can accept deposits and have assets of INR 1 billion and above also come under the ombudsman scheme. The central bank had introduced the integrated ombudsman scheme to provide customers of regulated entities a speedy, cost-effective, alternative grievance redress mechanism. End
Reported by Shubham Rana
Edited by Vandana Hingorani
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