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RBI has integrated the three Ombudsman schemes of RBI namely, (i) the Banking Ombudsman Scheme, 2006; (ii) the Ombudsman Scheme for Non-Banking Financial Companies, 2018; and (iii) the Ombudsman Scheme for Digital Transactions, 2019; into an Integrated Ombudsman Scheme, 2021.

Effective date:

The Integrated Ombudsman Scheme, 2021 is effective from November 12, 2021.

Grounds for filing a complaint with Ombudsman:

Complaint related to deficiency in service by MMFSL can be raised within 1 year after occurrence of the following events:

  • The complaint is wholly/partly rejected by MMFSL; or
  • Response is not satisfactory; or
  • No response is received within 30 days from MMFSL, from filing of complaint.

Procedure for filing the complaint:

The complaint may be lodged online through the portal designed for the purpose (https://cms.rbi.org.in). The complaint may also be submitted through electronic or physical mode to the Centralised Receipt and Processing Centre as notified by the Reserve Bank.

Award from Ombudsman:

Complainant to furnish letter of acceptance (if satisfied) of the award to MMFSL, within 30 days from the date of receipt of the copy of award.

MMFSL shall comply with award within 30 days from the date of receipt of the letter of acceptance from complainant.


The Customer may, aggrieved by an Award or rejection of a complaint, within 30 days of the date of receipt of the Award or rejection of the complaint, prefer an appeal before the Appellate Authority.


  • There is no limit on the amount in a dispute that can be brought before the Ombudsman for which the Ombudsman can pass an Award
  • Ombudsman/ Deputy Ombudsman may reject the compliant, if not maintainable under the Scheme
  • This is an Alternate Dispute Resolution Mechanism
  • Customer is at liberty to approach any other court/ forum/ authority for the redressal at any stage, however in such a case he/she will not be able to approach RBI Ombudsman
  • For further details of Scheme, refer to www.rbi.org.in
  • The scheme is also available with MMFSL branches

For more details, refer: “THE RESERVE BANK – INTEGRATED OMBUDSMAN SCHEME, 2021”.