The Reserve Bank of India (RBI) is in the process of drafting an omnibus framework aimed at reinforcing governance and customer protection across sectors for Regulated Entities (REs). This move seeks to bring uniformity to matters such as complaints escalation and the introduction of deputy internal ombudsman posts.
The proposed framework is expected to improve the internal grievance redress system that was initially established in 2015. The draft is currently open for stakeholder feedback, indicating the RBI’s commitment to ensuring a comprehensive and effective framework.
One significant aspect of the proposed framework is the recognition of Self-Regulatory Organizations (SROs) across various sectors. This move aims to strengthen the regulatory environment by giving these organizations a more prominent role in maintaining industry standards and practices.
The introduction of deputy internal ombudsman posts is another key feature of the framework. These positions are designed to enhance the complaints escalation process, ensuring that grievances are addressed promptly and effectively.
The RBI’s initiative comes as part of a broader effort to upgrade and standardize procedures across regulated entities, ultimately providing better protection for customers and bolstering governance structures. The feedback period will provide stakeholders with an opportunity to contribute their insights and suggestions towards shaping this important regulatory development.
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