The Reserve financial institution of India (RBI) has issued Master Directions to harmonise the directions relevant to the varied regulated entities on the Internal Ombudsman (IO) mechanism.
“This 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,” the RBI stated in a round.
“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,” it added.
