One Nation One Ombudsman – Objectives and Benefits

The Reserve Bank of India (RBI) in a recent move has announced that it will be integrating consumer grievances redressal under a single ombudsman as against three schemes working at present. The move comes at a time when there is an increase in digital transactions and the consumers have to face a lot of problems while getting their complaints redressed. The move is a step forward in the direction of customer empowerment and is an initiative towards providing speedy and inexpensive redressal to millions of users of India’s banking and non-banking infrastructure.

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