Ombudsman Scheme: 1 Stop For All Financial Complaints

The ombudsman scheme aims at changing the way the household sector invests and lodges complaints about their savings, and promises to encourage investor trust. This new integrated scheme will help prevent financial crime and detect cyber fraud through artificial intelligence. The consumer could approach the ombudsman if the bank concerned doesn't resolve the grievances within 30 days. The scheme was announced on November 12 by PM Narendra Modi and shall come into force on a date the RBI will specify separately.