RBI Ombudsman 2026: You can get up to Rs 33 lakh compensation for your bank grievances under this scheme

Under its RBI Ombudsman 2026 scheme, the Reserve Bank of India provides a cost-free, expeditious and non-adversarial alternate grievance redress mechanism for customer complaints related to regulated entities.

The RBI ombudsman 2026 scheme, which came into force on July 1, 2026, covers consumer complaints related to banks, certain NBFCs, non-bank prepaid payment instrument issuers, and credit information companies, etc.

For any consequential loss suffered by the complainant, the RBI Ombudsman has the power to provide compensation up to Rs 33 lakh.


Here's how the RBI Ombudsman scheme works, who can file a complaint and the compensation available under the scheme.

Customers who are not satisfied with the response of their bank or other regulated entity regarding their grievances can approach the RBI under the Reserve Bank – Integrated Ombudsman Scheme (RB-IOS), 2026, a free dispute resolution mechanism that allows eligible complainants to seek a compensation of up to Rs 33 lakh.

Is there any monetary limit on the amount involved in the complaint or compensation that the RBI Ombudsman can provide?

As per the RBI website, there is no limit on the amount involved in a dispute that can be brought before the RBI Ombudsman for settlement or passing of an award. However, for any consequential loss suffered by the complainant, the RBI Ombudsman has the power to provide compensation up to Rs 30 lakh. In addition, the RBI Ombudsman may provide compensation up to Rs 3 lakh for loss of the complainant’s time, expenses incurred, harassment/mental anguish suffered, etc.

What is RB-IOS, 2026?

The Reserve Bank - Integrated Ombudsman Scheme, 2026 is a cost-free, expeditious and non-adversarial alternate grievance redress mechanism for customer complaints involving deficiency in service by regulated entities covered under the scheme.

Who is an RBI Ombudsman?

An RBI Ombudsman is an officer appointed by the Reserve Bank of India to examine and deal with complaints from customers of regulated entities relating to deficiency in service.

What are the minimum details required to file a complaint with the RBI Ombudsman?

A complainant’s basic details such as name, mobile number, e-mail ID if available and the full postal address are required to file a complaint.
Details of the regulated entity against which the complaint is filed, including the name of the entity, branch/location and address, as applicable.
Regulated entity’s complaint number/acknowledgement number and the date of complaint made to the regulated entity, along with a copy of the complaint.
Account/card/loan/transaction details relevant to the complaint, where applicable.
Date of transaction, reference number and transaction details, if available.
Copy of the response received from the regulated entity, if any.
Complete facts giving rise to the complaint, nature and extent of loss or inconvenience, and relief sought.
Relevant documents supporting the complaint.

RBI’s 3rd annual conference of internal ombudsmen

The RBI hosted the third annual conference of Internal Ombudsmen (IOs) in Mumbai on July 13, 2026. The conference's main objectives were to improve the quality and speed of complaint resolution as well as to strengthen client grievance redressal.

In his keynote address, RBI deputy governor Swaminathan J urged Internal Ombudsmen to play a more proactive role in ensuring that customer complaints are resolved in a meaningful, fair and timely manner.

According to the RBI deputy governor, a strong Internal Ombudsman framework should reduce the need for customers to escalate complaints outside the organisation. He also called upon the boards and senior management of regulated entities to empower the IO mechanism and use its findings to improve customer service and grievance redressal systems.