Under the RB-IOS 2021, what is the maximum compensation amount that the RBI Ombudsman can provide for mental agony or harassment suffered by the complainant?

Explanation

Under the RB-IOS 2021, the RBI Ombudsman can provide compensation of up to ₹1 lakh for mental agony or harassment suffered by the complainant, in addition to resolving complaints where the compensation sought for direct financial loss is ₹20 lakh or lower. Detailed Overview of RB-IOS: 1. Objective: Provides a single platform for addressing customer complaints related to financial services. 2. Scope: Covers banks, NBFCs, and payment service providers. 3. Compensation: o Financial compensation for losses up to ₹20 lakh. o Up to ₹1 lakh for mental agony or harassment. 4. No Fee: Filing complaints is free of charge. 5. Lodging Complaints: If the issue isn't resolved by the service provider within 30 days, customers can approach the Ombudsman via the RBI's Complaint Management System (CMS). 6. Resolution: The Ombudsman tries to resolve issues via conciliation; if not, an award is passed. 7. Appeal: Appeals can be made to the Deputy Governor of RBI if dissatisfied with the decision.