RBI issues - Internal Ombudsman for Regulated Entities- Master Directions, 2023

As announced in the ‘Statement on Developmental and Regulatory Policies’ issued as part of Monetary Policy Statement dated October 06, 2023, the Reserve Bank, has issued Master Direction - Reserve Bank of India (Internal Ombudsman for Regulated Entities) Directions, 2023 to harmonise the instructions applicable to the various regulated entities on the Internal Ombudsman (IO) mechanism. The Master Direction brings in uniformity in matters like timeline for escalation of complaints to the IO, exclusions from escalating complaints to the IO, temporary absence of the IO, minimum qualifications for appointing the IO and updation of reporting formats, in addition to introduction of the post of Deputy Internal Ombudsman. These instructions are expected to further strengthen the IO mechanism and in turn, the Internal Grievance Redress system in regulated entities apart from providing ease of compliance.