The Reserve Bank of India (RBI) is currently deliberating on the establishment of a fraud registry, which is expected to house a database of fraudulent websites, phone numbers, and other methods utilized by fraudsters. This move holds significance as it aims at curbing the repeated fraudulent activities of these criminals by issuing a blacklist of their preferred methods.
Key Features of the Fraud Registry
The Registry’s database is primed to deter fraudsters from duplicating their fraudulent actions as their phone numbers and websites would be blacklisted. Payment system participants would be granted access to this registry, thus facilitating near-real-time fraud monitoring. Moreover, data aggregated from the recorded fraudulent activities would be published in an attempt to educate customers on the up-and-coming risks.
Ombudsman Scheme Report
The Ombudsman Scheme received approximately 4.18 lakh complaints in 2021-22, witnessing an increase from 3.82 lakh complaints in the previous year. Remarkably, about 97.9% of these cases were resolved in 2021, a rise from 96.5% in 2020. It’s noteworthy that about 39% of the complaints received by the RBI during the last fiscal year were related to digital transactions.
Other Relevant Initiatives
Initiatives such as the integrated consumer grievance redressal mechanism are being implemented to address deficiencies in services provided by banking, NBFCs, and digital payment systems. The One Nation One Ombudsman was launched by the Prime Minister with the objective of simplifying the alternate dispute redressal mechanism and making it more customer-oriented among the regulated entities.
About Banking Ombudsman Scheme
Introduced for the purpose of swiftly and economically resolving customer grievances related to services provided by RBI regulated entities, the Banking Ombudsman Scheme consolidates three ombudsman schemes of RBI. It aims to redress customer complaints regarding service deficiencies from RBI regulated entities such as banks, NBFCs, and pre-paid instrument players if the grievance is not resolved satisfactorily or not replied within a timeframe of 30 days by the regulated entity.
Understanding the Role of an Ombudsman
An Ombudsman, a concept originally from Sweden, is a government official tasked with handling complaints made by ordinary citizens against public organizations. In India, Ombudsmen are appointed to resolve grievances in various sectors including insurance, income tax, and banking.
Banking Ombudsman Explained
The Banking Ombudsman, a forum for bank customers for resolution of complaints regarding certain services rendered by banks, was introduced in 2006 and amended in 2017. It covers all Scheduled Commercial Banks, Regional Rural Banks, and Scheduled Primary Co-operative Banks. The Banking Ombudsman can consider complaints from Non-Resident Indians having accounts in India related to their remittances from abroad, deposits, and other bank-related matters. Any person dissatisfied by the final orders of the Banking Ombudsman can approach the Appellate Authority, vested with the Deputy Governor of the RBI. The services provided by the Banking Ombudsman are free of charge.