RBI Introduces Integrated Ombudsman Scheme 2026 with Increased Compensation Limits

The Reserve Bank of India will implement the Integrated Ombudsman Scheme, 2026, from July 1, 2026, to streamline grievance redressal for customers of banks and regulated financial entities. The scheme raises compensation caps to Rs 30 lakh for consequential losses and Rs 3 lakh for non-financial damages like mental anguish. It introduces a centralized complaint processing center and allows complaints to be filed online. The RBI maintains these limits despite industry concerns, aiming to balance consumer relief with regulated entities' interests.