Connect 2 Regulate

The Reserve Bank of India today placed on its website a draft circular on Guidelines to facilitate faster cross-border inward payments. Comments / feedback on the draft Circular are invited from banks by November 19, 2025. Additional comments or any attachments may also be submitted by email with subject line “Feedback on Draft circular on Guidelines to facilitate faster cross-border inward payments”.

The Reserve Bank – Integrated Ombudsman Scheme (RB-IOS), 2021 launched on November 12, 2021, provides customers of Regulated Entities (REs) a speedy, cost-effective and expeditious alternate grievance redress mechanism. Based on the operational experience, stakeholder feedback, and global best practices, the Reserve Bank has undertaken a comprehensive review of the Scheme.

The Reserve Bank, vide Master Direction - Reserve Bank of India (Internal Ombudsman for Regulated Entities) Directions, 2023 dated December 29, 2023, has institutionalized the Internal Ombudsman mechanism in various regulated entities (REs) for independent review of customer complaints that are being rejected. A holistic review of the existing instructions has been undertaken to further strengthen the functioning of the Internal Ombudsman with a view to facilitating faster and meaningful resolution of customer grievances at the level of the REs.