New FAQ Page 2 - আরবিআই - Reserve Bank of India
The Reserve Bank - Integrated Ombudsman Scheme, 2021
updated: জানু 07, 2025
Reserve Bank of India (RBI) integrated its three erstwhile Ombudsman Schemes viz. (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, into one Scheme - ‘The Reserve Bank - Integrated Ombudsman Scheme, 2021 (the Scheme / RB-IOS, 2021)’ with effect from November 12, 2021. The Scheme simplifies the grievance redress process at RBI by enabling the customers of Regulated Entities (REs) like banks, Non-Banking Financial Companies (NBFCs), Payment System Participants (PSPs) and Credit Information Companies to register their complaints at one centralised reference point. The objective of the Scheme is to resolve the customer grievances involving ‘deficiency in service’ on part of REs in a speedy, cost-effective and satisfactory manner. These FAQs provide information on RB-IOS, 2021 and related aspects.
The Reserve Bank - Integrated Ombudsman Scheme, 2021 (RB-IOS, 2021/ the Scheme) was launched on November 12, 2021. It integrates the erstwhile three Ombudsman schemes of RBI 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. These schemes had limited and different grounds of complaints and limited coverage of REs, apart from jurisdiction related restrictions. RB-IOS, 2021 provides for cost-free redress of customer complaints involving deficiency in services rendered by entities regulated by RBI, if not resolved to the satisfaction of the customers or not replied to within a period of 30 days by the RE.
In addition to integrating the three existing schemes, the Scheme also includes under its ambit additional REs, namely, Non-Scheduled Primary (Urban) Co-operative Banks with a deposit size of ₹50 crore and above and Credit Information Companies. The Scheme adopts ‘One Nation One Ombudsman’ approach by making the RBI’s Ombudsman mechanism jurisdiction neutral.
Ans: As mentioned under Chapter II of the Master Directions, the coverage and periodicity of reviews conducted by SCBMF / CoE shall be decided by the Board of the REs. Accordingly, the threshold amount of fraud cases to be placed before the SCBMF / CoE shall be decided by the Board of the REs, after duly taking into account the scale and complexity of their operations.
ANS: UDGAM refers to Unclaimed Deposits-Gateway to Access inforMation, which is an online portal developed by RBI. It facilitates the registered users to search unclaimed deposits/accounts across multiple banks at one place in a centralised manner.
Answer: A ‘Non-resident Indian’ (NRI) is a person resident outside India who is a citizen of India.
[Guidelines on Default Loss Guarantee in Digital Lending were issued vide Circular DOR.CRE.REC.21/21.07.001/2023-24 dated June 08, 2023]
Ans: The portfolio over which DLG can be offered shall consist of identifiable and measurable loan assets which have been sanctioned (the ‘DLG set’). This portfolio will remain fixed for the purpose of DLG cover and is not meant to be dynamic. Kindly see illustrations at the end.
Response: Card issuers are prohibited from issuing unsolicited credit cards and are required to seek prior and explicit consent from the customer before issuing a card. However, if the customer receives an unsolicited card, he/she should refrain from activating or providing consent for activation of card through OTP or any other means. If no consent is received for activating the card, the card-issuer is required to close the credit card account without any cost to the customer within seven working days from the date of seeking confirmation from the customer and shall also intimate the customer that the credit card account has been closed. Subsequent to receiving the intimation from the card-issuer that the card account has been closed, the customer shall destroy the card. Further, the customer may file a complaint with the card-issuer against the issuance of unsolicited card and escalate it to the RBI Ombudsman as per Integrated Ombudsman Scheme (please refer to the response of query 17 below).
General Instructions
The Reserve Bank’s survey on Foreign Liabilities and Assets (FLA) of Mutual Fund (MF) companies and their Asset Management Companies (AMCs) in India is conducted annually. It collects the information from MF companies and AMCs on their external financial liabilities and assets as at end-March of the latest financial year (FY). The information collected from this survey are used in the compilation of India’s Balance of Payments (BoP), International Investment Position (IIP) and other related external sector statistics which provide comprehensive account of the country’s international financial transactions and exposures, in a globally comparable statistical framework.
Confidentiality Clause: The Reserve Bank releases the survey results only at the aggregate level and the institution-wise data furnished in the schedule are kept confidential.
Note: The respondent company should fill-up the survey schedule in excel format (*.xls format), which is available on RBI website. Respondents are requested to read the instruction sheet (available in survey schedule) carefully before filling the survey schedule.
Important Points: The respondent company should follow the below-mentioned points while filling and submitting the survey schedule:
(i) The company must use the latest survey schedule, which is in .xls format, without incorporating any macros.
(ii) The company is required to save the survey schedule in Excel 97-2003 workbook, i.e., in .xls format by following the below-mentioned steps:
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Go to Office Button / File → Save As → Save As type
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Select “Excel 97-2003 Workbook” and save the survey schedule in .xls format.
(iii) The company is requested not to incorporate any macro in the survey schedule while submitting the same.
(iv) Survey schedule submitted in any other format (other than .xls format) will be rejected by the system.
(v) Ensure that all information furnished in the survey schedule are complete and no information is missed out.
(vi) After filling sections I and II, the company has to fill the declaration sheet, which helps in validating that the information entered by the company are reconfirmed before submission to RBI. This helps to avoid data entry errors, missed data and other errors.
Ans.: The RBI launches the MF survey during the month of June every year with previous financial year ended end-March as the reference date.
General Instructions
The Reserve Bank conducts the survey on Computer Software & Information Technology Enabled Services (ITES) Exports annually. The survey collects information from software and ITES/BPO/LLPs exporting companies on their computer software and IT enabled services exports as at end-March of the latest Financial Year (FY).
The survey results are released in the public domain to raise the confidence of the international financial system in the country's economy besides being used for compilation of related external sector statistics which provide comprehensive account of the country’s international financial transactions and exposures, in a globally comparable statistical framework.
Confidentiality Clause: The company-wise information provided will be kept confidential and only consolidated aggregates will be released by the Reserve Bank.
Note: The respondent companies/LLPs/proprietorship firm should fill-up the survey schedule in excel format (*.xls format), which is available on RBI website. Respondents are requested to read the Instruction sheet (available in survey schedule) carefully before filling the survey schedule.
Important Points: The respondent companies/LLPs/proprietorship firm should follow the below-mentioned points for filling and submitting the survey schedule:
i. The company must use the latest survey schedule, which is in .xls format, without incorporating any macros.
ii. The company is required to save the survey schedule in Excel 97-2003 workbook, i.e., in .xls format by following the below-mentioned steps:
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Go to Office Button / File → Save As → Save As type
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Select “Excel 97-2003 Workbook” and Save the survey schedule in .xls format.
iii. The company is requested not to incorporate any macro in the survey schedule while submitting the same.
iv. Survey schedule submitted in any other format (other than .xls format) will be rejected by the system.
v. Ensure that all information furnished in the survey schedule are complete and no information is missed out.
vi. After filling Part - A to D, the company has to fill the declaration sheet, which helps in validating that the information entered by the company are reconfirmed before submission to RBI. This helps to avoid data entry errors, missed data and other errors.
vii. Respondents are requested to not use any special characters i.e., [!@#$%^&*_()] and comma while data filing in Question 3 to 9.
Ans.: The RBI launches the ITES survey during the month of June every year with the previous financial year end-March as the reference date.
Ans. KYC is a process by which a Regulated Entity (RE), including a bank, obtains information on identity and address of the customer, nature of business and financial status of a customer and, verifies the same. This process helps to ensure that an RE is aware of the customer it is dealing with, and the services provided by the RE are not misused for Money Laundering/ Terrorist Financing/ Proliferation Financing (ML/TF/PF) purposes.
Ans. Any person who contravenes any provision of the FEMA, 1999 [except section 3(a)] or contravenes any rule, regulation, notification, direction or order issued in exercise of the powers under this Act or contravenes any condition subject to which an authorization is issued by the Reserve Bank, can apply for compounding to the Reserve Bank. Applications seeking compounding of contraventions under section 3(a) of FEMA, 1999 may be submitted to the Directorate of Enforcement (DOE).
Ans.: The survey is conducted annually.
RBI carries out the general banking business of the governments through its own offices and commercial banks, both public and private, appointed as its agents. Section 45 of the Reserve Bank of India Act, 1934, provides for appointment of scheduled commercial banks as agents at all places or at any place in India, for purposes that it may specify, “having regard to public interest, convenience of banking, banking development and such other factors which in its opinion are relevant in this regard”.
Reserve Bank of India maintains the Principal Accounts of Central as well as State Governments at its Central Accounts Section, Nagpur. It has put in place a well-structured arrangement for revenue collection as well as payments on behalf of Government across the country. A network comprising the Government Banking Divisions of RBI and branches of agency banks appointed under Section 45 of the RBI Act carry out the government transactions. At present all the public sector banks and select private sector banks act as RBI's agents. Only designated branches of agency banks can conduct government banking business.
Ans. Foreign exchange can be purchased from any authorised person, such as an AD Category-I bank and AD Category II. Full-Fledged Money Changers (FFMCs) are also permitted to release exchange for business and private visits.
Ans: NEFT offers the following advantages for funds transfer or receipt:
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Round the clock availability on all days of the year.
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Near-real-time funds transfer to the beneficiary account and settlement in a secure manner.
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Pan-India coverage through large network of branches of all types of banks.
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The beneficiary need not visit a bank branch for depositing the paper instruments. Remitter can initiate the remittances from his / her home / place of work using internet banking, if his / her bank offers such service.
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Positive confirmation to the remitter by SMS / e-mail on credit to beneficiary account.
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Penal interest provision for delay in credit or return of transactions.
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No levy of charges by RBI from banks.
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No charges to savings bank account customers for online NEFT transactions.
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The transaction charges have been capped by RBI.
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Besides funds transfer, NEFT system can be used for a variety of transactions including payment of credit card dues to the card issuing banks, payment of loan EMI, inward foreign exchange remittances, etc.
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The transaction has legal backing.
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Available for one-way funds transfers from India to Nepal.