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    Question

    Which of the following entity is not covered under the Integrated Ombudsman Scheme 2021 of RBI?

    A Commercial Banks Correct Answer Incorrect Answer
    B Scheduled Primary (Urban) Cooperative Banks Correct Answer Incorrect Answer
    C Credit Information Companies Correct Answer Incorrect Answer
    D Credit Rating Agencies Correct Answer Incorrect Answer
    E All are covered Correct Answer Incorrect Answer

    Solution

    RBI’s Integrated Ombudsman Scheme (RBI IOS 2021) came in force in November 2021 and covers: a)       All Commercial Banks, Regional Rural Banks, Scheduled Primary (Urban) Cooperative Banks and Non-Scheduled Primary (Urban) Co-operative Banks with deposits size of Rupees 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) which (a)    are authorized to accept deposits; or (b) have customer interface, with an assets size of Rupees 100 crore and above as on the date of the audited balance sheet of the previous financial year; c)       All System Participants as defined under the Scheme. In August 2022, Credit Information Companies (CICs) were also brought under the ambit of RB-IOS 2021, in order to make the RB-IOS more broad based. 

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