Today Update : RBI Announce One Nation One Ombudsman Policy

 If you have a complaint against your bank or NBFC (Non Banking finance companies) and your problem is not being resolved on their behalf then this news is very useful for you. The RBI is soon going to launch a scheme that will solve a major consumer problem.

• Think of the One Nation One Ombudsman in the country
• There are currently 22 Ombudsman Offices in operation
• RBI is giving relief in Corona Period

Understand One Nation One Ombudsman

Until now, customers had to o to different places in the country to lodge complaints against banks, NBFCs and card companies The One Nation One Ombudsman policy will allow consumers to complain in one place. The biggest benefits before this will be that it will solve the problem of the customers as soon as possible and they will get a large number of relief. Customers who have a complaint under this scheme will be able to lodge a complaint through phone, online, mail, post.

There are currently 22 Ombudsman offices in operation

At present RBI is running 3 different Ombudsman Schemes through 22 Ombudsman Offices located across the country. The idea of One Nation One Ombudsman will be heard from one place after merging the 3 Ombudsmen scheme into one, The RBI has taken this step to make the Ombudsman system easier, more efficient and more accountable.

What is the problem of customers

Most of the borrowers complain that the lending institution extends their loan time or increases the EMI without giving full information. However, change in loan term or EMI amount occurs only on change of interest rate. Changes in the repo rate affect loan terms. On February 5, the RBI announced its monetary policy. After a 3-day meeting of the Monetary Policy Committee, it has been decided not to change the repo rate.

RBI is giving relief in Corona period

In the last four meetings, the RBI has decided not to change the repo rate. The reason behind this is that the system of not changing the repo rate will ensure adequate liquidity availability and this will increase investment in the infrastructure sector. Amidst the deteriorating situation, the RBI has been providing relief in the Corona era without imposing any additional burden on the people. 

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