| Category | Details |
|---|---|
| Regulatory Authority | Reserve Bank of India (RBI) |
| Key Directive | Banks & eligible NBFCs must automatically escalate unresolved complaints to the Internal Ombudsman (IO). |
| Objective | Faster resolution, uniform handling, and greater accountability in customer grievance redressal. |
| Applicability | - Banks: With 10+ branches by March 31, 2025. - NBFCs: Deposit-taking NBFCs (10+ branches) or non-deposit-taking NBFCs (assets ≥ ₹5,000 crore with public interface). Exclusions apply. |
| Complaint Categories | 1. Fully resolved 2. Partially resolved 3. Wholly rejected. Only partially/rejected complaints move to IO. |
| Timelines | - IO Review: 10 days (if RBI/NPCI rules apply) or 20 days (other cases). - Final Decision: Must be communicated within 30 days of complaint receipt. |
| Governance | - Customer Service Committee (CSC) oversees IO appointments. - Management can overrule IO only with board approval. |
| Exclusions | Internal frauds (unrelated to customers), HFCs, NBFCs under insolvency/liquidation. |
| Correct Answer (Q) | C. Internal Ombudsman |
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