RBI may let banking ombudsman award up to ₹30 lakh in compensation
RBI has proposed to let the banking ombudsman award up to ₹30 lakh in compensation to aggrieved customers of regulated entities like banks and NBFCs. Under the draft Ombudsman Scheme, 2025, the ombudsman can also provide up to ₹3 lakh for mental anguish suffered by the complainant. Currently, the scheme allows compensation of up to ₹20 lakh.