Module: General Practice
Q1: The Reserve Bank of India issued a notification on January 17, 2026, introducing the new Integrated Ombudsman Scheme. According to this notification, on which date will the new RB-IOS, 2026 officially come into effect, replacing the 2021 framework?
✅ Correct Answer: B
Correct Answer is July 1, 2026.
While the notification was released in January 2026, the Reserve Bank of India specified a transition period for Regulated Entities.
The scheme becomes operationally effective from July 1, 2026.
This aligns with the beginning of the second quarter of the financial year.
Until that date, the existing provisions of the 2021 Scheme remain legally active, though banks are expected to prepare for the new compensation limits immediately.
While the notification was released in January 2026, the Reserve Bank of India specified a transition period for Regulated Entities.
The scheme becomes operationally effective from July 1, 2026.
This aligns with the beginning of the second quarter of the financial year.
Until that date, the existing provisions of the 2021 Scheme remain legally active, though banks are expected to prepare for the new compensation limits immediately.