Reserve Bank of India (RBI)’s grievance redress system, especially the much-touted integrated ombudsman scheme (IOS) scheme has come under scrutiny after two separate cases—one involving a Mumbai consumer’s locker-deposit dispute and another concerning a 79-year-old Kerala-based senior citizen’s year-long battle to claim his late wife's bank balance—revealed contradictory decisions, prolonged delays and allegations of harassment by Canara Bank officers. Information accessed under the Right to Information (RTI) Act reveals that, even as the RBI banking ombudsman formally closed one consumer complaint as 'non-appealable' with 'no deficiency in service', its own internal assessment simultaneously concluded that Canara Bank was at fault and awarded compensation. In the second case, the senior

See Full Page