If your money is stuck or you have suffered a loss because of a bank’s mistake, you don’t always have to go to court.
Under the RBI’s Ombudsman Scheme, customers can file a complaint and may receive compensation of up to ₹33 lakh if the bank is found responsible.
Here’s who can file a complaint and how the process works.
Who Can File a Complaint?
If you face a problem with your bank, NBFC, or another financial institution, you should first submit a complaint directly to that institution.
If you do not receive a satisfactory response or your issue remains unresolved, you can then approach the RBI Ombudsman for help.
No Need to Go to Court
The RBI Ombudsman Scheme offers a free, simple, and faster way to resolve disputes between customers and financial institutions.
The scheme covers:
Banks
Certain NBFCs
Prepaid payment instrument (PPI) issuers
Credit information companies
This allows customers to settle complaints without the time and cost involved in court cases.
How Much Compensation Can You Get?
There is no limit on the value of the complaint you can file under the RBI Ombudsman Scheme.
If the Ombudsman finds that the bank’s negligence caused financial loss, compensation of up to ₹30 lakh can be awarded.
In addition, customers may receive up to ₹3 lakh for mental stress, harassment, expenses, and loss of time.
This means the total compensation can go up to ₹33 lakh.
Documents Needed to File a Complaint
To file a complaint, you should keep the following details ready:
Customer’s name
Mobile number
Address
Name of the bank or financial institution
Complaint reference number
Account or loan details
Supporting documents
Copy of the bank’s reply (if available)
