Section 1 — Short Title, Commencement, Extent and Application

(1) The Scheme shall be called the Reserve Bank– Integrated Ombudsman Scheme (RB-IOS), 2026. It aims to provide a cost-effective, expeditious, non-adversarial alternate grievance redress mechanism for the resolution of complaints against Regulated Entities covered under the Scheme.

(2) It shall come into force with effect from July 1, 2026.

(3) The Scheme shall apply to the services provided by the following Regulated Entities:

(a) all Commercial Banks, Regional Rural Banks, State Co-operative Banks, Central Co-operative Banks, Scheduled Primary (Urban) Co-operative Banks, and Non-Scheduled Primary (Urban) Co-operative Banks with deposits size of ₹50 crore and above as on the date of the audited balance sheet of the previous financial year.

(b) all Non-Banking Financial Companies (excluding Housing Finance Companies, Core Investment Company (CIC), Infrastructure Debt Fund-Non- Banking Financial Company (IDF-NBFC), Non-Banking Financial Company - Infrastructure Finance Company (NBFC-IFC), Non-Operative Financial Holding Company (NOFHC), Primary Dealers (PDs), Mortgage Guarantee Companies (MGC)) which

(i) are authorised to accept deposits; or

(ii) have customer interface, with an assets size of ₹100 crore and above as on the date of the audited balance sheet of the previous financial year.

(c) all Non-bank Prepaid Payment Instruments Issuers.

(d) Credit Information Companies.