Economy

Reserve Bank issues directions for appointment of Internal Ombudsman for all Credit Information Companies

By: helloscholar news team

Date:

The Reserve Bank has issued directions for appointment of Internal Ombudsman for all Credit Information Companies – CICs. As announced in the monetary policy statement dated 5th August 2022, all complaints that are partly or wholly rejected by CICs will be reviewed by the Internal Ombudsman before the final decision is conveyed to the complainant.

The Ombudsman will not entertain any complaints directly from the members of the public. RBI has directed CICs to complete the process of appointment of an Internal Ombudsman at the apex of their internal grievance redress mechanism by April 1, 2023.

Internal Ombudsman Directions by RBI

  • In its directions, RBI has said that every CIC must appoint the Internal Ombudsman for a fixed term of not less than three years, but not exceeding five years.
  • The IO shall be either a retired or a serving officer, not below the rank of Deputy General Manager or equivalent in any financial sector regulatory body with at least seven years of experience in banking, non-banking finance, financial sector regulation or supervision, credit information or consumer protection.
  • The IO shall not attain the age of 70 before completion of the proposed term and there shall be no reappointment for extension of term in the same CIC.

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