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Mar 19, 2024
RBI organises Annual Conference of the RBI Ombudsmen

The Reserve Bank of India organised the Annual Conference of RBI Ombudsmen, on March 15, 2024 in Mumbai. The theme of the conference was “Protecting the Consumers – Building Robust Systems and Procedures”. The Conference was attended by Chairman/ Managing Director & CEOs of regulated entities from major banks, NBFCs, Non-bank Payment System Participants, NPCI, senior officials of RBI along with the RBI Ombudsmen and Deputy RBI Ombudsmen. Shri Shaktikanta Das, Governor, inaugurated the conference.

The Reserve Bank of India organised the Annual Conference of RBI Ombudsmen, on March 15, 2024 in Mumbai. The theme of the conference was “Protecting the Consumers – Building Robust Systems and Procedures”. The Conference was attended by Chairman/ Managing Director & CEOs of regulated entities from major banks, NBFCs, Non-bank Payment System Participants, NPCI, senior officials of RBI along with the RBI Ombudsmen and Deputy RBI Ombudsmen. Shri Shaktikanta Das, Governor, inaugurated the conference.

Mar 11, 2024
RBI releases Annual Report of Ombudsman Scheme, 2022-23

The Reserve Bank of India released the Annual Report of the Ombudsman Scheme for the period April 1, 2022 to March 31, 2023. This is the first full-year report after the launch of Reserve Bank – Integrated Ombudsman Scheme (RB-IOS), 2021 in November 2021. The Annual Report covers

The Reserve Bank of India released the Annual Report of the Ombudsman Scheme for the period April 1, 2022 to March 31, 2023. This is the first full-year report after the launch of Reserve Bank – Integrated Ombudsman Scheme (RB-IOS), 2021 in November 2021. The Annual Report covers

Jan 18, 2024
RBI convenes Conference of Internal Ombudsmen of select Regulated Entities

As part of the Reserve Bank’s continuing engagement with regulated entities, the second Conference of Internal Ombudsmen on the theme “Orchestrating Customer Delight through an Empowered Internal Ombudsman”, was held in Mumbai on January 16, 2024. This Conference was attended by Managing Director & CEOs, Executive Director in-charges of customer service verticals, Internal Ombudsmen, Principal Nodal Officers of select regulated entities from among Banks, NBFCs and CICs and senior officials from the Reserve Bank of India.

As part of the Reserve Bank’s continuing engagement with regulated entities, the second Conference of Internal Ombudsmen on the theme “Orchestrating Customer Delight through an Empowered Internal Ombudsman”, was held in Mumbai on January 16, 2024. This Conference was attended by Managing Director & CEOs, Executive Director in-charges of customer service verticals, Internal Ombudsmen, Principal Nodal Officers of select regulated entities from among Banks, NBFCs and CICs and senior officials from the Reserve Bank of India.

Dec 29, 2023
Master Direction - Reserve Bank of India (Internal Ombudsman for Regulated Entities) 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.

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.

Dec 28, 2023
RBI releases 2023 list of Domestic Systemically Important Banks (D-SIBs)

SBI, HDFC Bank and ICICI Bank continue to be identified as Domestic Systemically Important Banks (D-SIBs). While ICICI Bank continues to be in the same bucketing structure as last year, SBI and HDFC Bank move to higher buckets – SBI shifts from bucket 3 to bucket 4 and HDFC Bank shifts from bucket 1 to bucket 2. For SBI and HDFC Bank, the higher D-SIB buffer requirements on account of the bucket increase will be effective from April 1, 2025. The additional Common Equity Tier 1 (CET1) requirement will be in addition to the capital conservation buffer.

SBI, HDFC Bank and ICICI Bank continue to be identified as Domestic Systemically Important Banks (D-SIBs). While ICICI Bank continues to be in the same bucketing structure as last year, SBI and HDFC Bank move to higher buckets – SBI shifts from bucket 3 to bucket 4 and HDFC Bank shifts from bucket 1 to bucket 2. For SBI and HDFC Bank, the higher D-SIB buffer requirements on account of the bucket increase will be effective from April 1, 2025. The additional Common Equity Tier 1 (CET1) requirement will be in addition to the capital conservation buffer.

Oct 23, 2023
Subscription to Floating Rate Savings Bonds, 2020 (Taxable) through RBI Retail Direct Portal

RBI-Retail Direct Scheme was launched by the Hon’ble Prime Minister on November 12, 2021. Under the Scheme, individual investors are permitted to open Retail Direct Gilt account with the Reserve Bank of India, using an online portal (https://rbiretaildirect.org.in), through which investments in Government Securities can be made in primary and secondary market. The scheme has brought Government Securities within easy reach of retail investors by simplifying the process of investment.

RBI-Retail Direct Scheme was launched by the Hon’ble Prime Minister on November 12, 2021. Under the Scheme, individual investors are permitted to open Retail Direct Gilt account with the Reserve Bank of India, using an online portal (https://rbiretaildirect.org.in), through which investments in Government Securities can be made in primary and secondary market. The scheme has brought Government Securities within easy reach of retail investors by simplifying the process of investment.

Jun 05, 2023
Report of the Committee for Review of Customer Service Standards in RBI Regulated Entities

As part of the Statement on Developmental and Regulatory Policies released along with the Monetary Policy Statement on April 08, 2022, the Reserve Bank of India had set up the Committee for Review of Customer Service Standards in RBI Regulated Entities (REs) on May 23, 2022 under the Chairmanship of Shri B.P. Kanungo, former Deputy Governor, RBI. The terms of the reference of the Committee were to evaluate and review the quality of the customer service, examine the ev

As part of the Statement on Developmental and Regulatory Policies released along with the Monetary Policy Statement on April 08, 2022, the Reserve Bank of India had set up the Committee for Review of Customer Service Standards in RBI Regulated Entities (REs) on May 23, 2022 under the Chairmanship of Shri B.P. Kanungo, former Deputy Governor, RBI. The terms of the reference of the Committee were to evaluate and review the quality of the customer service, examine the ev

Jan 23, 2023
RBI extends time for renewal of agreements for existing Safe Deposit Locker/Safe Custody Article Facility Provided by Banks
The Reserve Bank of India, vide its circular dated August 18, 2021, had issued revised instructions with respect to Safe Deposit Locker/Safe Custody Article Facility that inter alia required banks to enter into revised agreements with the existing locker holders by January 1, 2023. However, it has come to the notice of RBI that a large number of customers are yet to sign the revised agreement. In many cases, the banks are yet to inform the customers about the need to
The Reserve Bank of India, vide its circular dated August 18, 2021, had issued revised instructions with respect to Safe Deposit Locker/Safe Custody Article Facility that inter alia required banks to enter into revised agreements with the existing locker holders by January 1, 2023. However, it has come to the notice of RBI that a large number of customers are yet to sign the revised agreement. In many cases, the banks are yet to inform the customers about the need to
Nov 02, 2022
Nation-wide Awareness Programme: November 2022
The Reserve Bank has been taking several initiatives to improve customer awareness on extant regulations to protect consumer interests, alternative grievance redress mechanisms, safe banking practices, etc., through various media and print campaigns. Earlier this year, as part of the “Azadi Ka Amrit Mahotsav”, the Reserve Bank launched a pan-India awareness programme through Ombudsman Speak and Ombudsman Talkathon events. As a part of these initiatives, during Novembe
The Reserve Bank has been taking several initiatives to improve customer awareness on extant regulations to protect consumer interests, alternative grievance redress mechanisms, safe banking practices, etc., through various media and print campaigns. Earlier this year, as part of the “Azadi Ka Amrit Mahotsav”, the Reserve Bank launched a pan-India awareness programme through Ombudsman Speak and Ombudsman Talkathon events. As a part of these initiatives, during Novembe
Oct 06, 2022
The Reserve Bank introduces Internal Ombudsman mechanism for Credit Information Companies (CICs)
As announced in the ‘Statement on Developmental and Regulatory Policies’ issued as part of the Monetary Policy statement dated August 5, 2022, the Reserve Bank, in exercise of the powers conferred by sub section (1) of Section 11 of the Credit Information Companies (Regulation) Act, 2005 (the Act), being satisfied that it is necessary in the public interest to do so, directs all Credit Information Companies (CICs) holding a Certificate of Registration under sub-sectio
As announced in the ‘Statement on Developmental and Regulatory Policies’ issued as part of the Monetary Policy statement dated August 5, 2022, the Reserve Bank, in exercise of the powers conferred by sub section (1) of Section 11 of the Credit Information Companies (Regulation) Act, 2005 (the Act), being satisfied that it is necessary in the public interest to do so, directs all Credit Information Companies (CICs) holding a Certificate of Registration under sub-sectio

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Page Last Updated on: May 06, 2024

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