RBI Central Board Reviews Economic Outlook, Operations and Ombudsman Scheme at 624th Meeting

The Central Board of Directors of the Reserve Bank of India held its 624th meeting in Chennai on 21 August 2026, chaired by Governor Sanjay Malhotra. According to RBI Press Release 2026-2027/941 dated 21 August 2026, the Board reviewed the current economic situation and discussed global and domestic challenges, including risks to the economic outlook. It also reviewed various areas of the Reserve Bank's operations, the functioning of its committees and the Ombudsman Scheme.

What the Board reviewed

The release lists three areas. The first is the macroeconomic position, with the Board discussing global and domestic challenges and the risks they pose to the outlook. The second is the Reserve Bank's own operations, including the working of Board committees. The third is the Ombudsman Scheme, the RBI's grievance redress route for customers of regulated entities.

The release does not contain growth or inflation projections, a policy rate decision or any new direction to banks or NBFCs. Monetary policy decisions are taken by the Monetary Policy Committee, so the Board's review should not be read as a change in the policy stance. No new reporting or compliance requirement for regulated entities was announced.

Who attended

Deputy Governors Swaminathan J., Dr. Poonam Gupta, Shirish Chandra Murmu and Rohit Jain attended the meeting. The other Central Board directors present were Revathy Iyer, Prof. Sachin Chaturvedi, Anand Gopal Mahindra and Somanath Sreedhara Panicker.

The Ombudsman Scheme the Board reviewed

The Board's review came weeks after a new scheme took effect. According to the RBI FAQs on the Reserve Bank - Integrated Ombudsman Scheme, 2026, the scheme came into force on 1 July 2026 and replaced the Reserve Bank - Integrated Ombudsman Scheme, 2021. Complaints and appeals filed under the 2021 scheme continue to be handled under it. The main features are:

• It covers banks, specified NBFCs, non-bank prepaid payment instrument issuers and credit information companies, subject to the size thresholds set in the scheme.
• A complaint must relate to deficiency in service, which the scheme defines as a shortcoming or inadequacy in any service the regulated entity is required to provide, statutorily or otherwise.
• The customer must first complain to the regulated entity and wait 30 days, or the period set in RBI or NPCI guidelines if longer, before approaching the Ombudsman.
• The complaint to the Ombudsman must be filed within 90 days from the expiry of that period or from the entity's last communication, whichever is later.
• The Ombudsman can award up to Rs 30 lakh for consequential loss and up to Rs 3 lakh for loss of time, expenses, harassment and mental anguish.
• No fee is charged for filing or resolving a complaint.
• Complaints can be filed online at cms.rbi.org.in, by email to crpc@rbi.org.in, by post to the Centralised Receipt and Processing Centre in Chandigarh, and help is available on toll-free number 14448.
• An award can be appealed to the Appellate Authority within 30 days, extendable by another 30 days for sufficient cause.

What professionals should note

For CAs, bank finance teams, internal auditors and risk professionals, this is a governance update and not a circular or notification. The practical point for regulated entities is the grievance side: with the Board keeping the Ombudsman Scheme under review, banks and NBFCs should make sure their internal complaint handling meets the 2026 scheme's timelines, since unresolved complaints move to the Ombudsman after 30 days and can lead to compensation awards.

Updated on 27 September 2026: added the RBI press release number, verified the attendee list, and added the main features of the Reserve Bank - Integrated Ombudsman Scheme, 2026 from the RBI FAQs.