Resolve your banking and payment related complaints through ISO

Under ISO, you can register your complaints related to banks, non-banking financial companies (NBFCs) and digital transaction companies at one place. The scheme will have a portal, an email and an address where you can report your complaint, track its status, submit relevant documents and also get feedback.

Srinath Sreedharan, Member, Governance Council at Fintech Association Consumer Empowerment (FACE), said, “All lending by NBFCs and banks, whether through digital interfaces, fintech or directly, and all Prepaid Payment Instruments (PPIs) defined transactions under this will cover.” and strategic consultant and independent market commentator.

An Ombudsman is a public authority that can approach a consumer if he is not satisfied with the internal grievance redressal mechanism of a financial institution. Whereas the Ombudsman Schemes relating to Banking and Payments come under the purview of reserve Bank of IndiaThe Insurance Regulatory and Development Authority of India has appointed an ombudsman mechanism related to insurance and for real estate, one can approach the Real Estate Regulatory Authority (RERA). A grievance redressal portal for lodging complaints is available on the respective websites of the three regulators.

ISO covers only RBI-regulated financial institutions and other entities.

Till now, three different Lokpal schemes dedicated to these three categories were in operation. The Banking Ombudsman Scheme (BOS) is functional since 1995, while the Ombudsman Scheme for Non-Banking Financial Companies (OSNBFCs) and the Ombudsman Scheme for Digital Transactions were recently launched in 2018 and 2019 respectively.

Sreedharan said, “One Nation, One Lokpal is a progressive step towards bringing the currently differently organized redressal framework into a unified form. This will enhance the speed and efficiency of consumer complaints being dealt with by regulated entities. “

Earlier this year, RBI Governor Shaktikanta Das had said during the announcement of the scheme that a unified ombudsman would make the alternative dispute redressal mechanism simpler and more responsive to customers of regulated entities as compared to the three currently in operation. will provide them with a centralized reference point.