Mumbai, Feb. 3 -- New products, innovations, and technological advancements in the banking sector have heightened the need for stronger customer protection measures, particularly in the light of emerging threats and malpractices, said the Reserve Bank of India's (RBI) 2023-24 annual report for the Integrated Ombudsman Scheme.

The scheme, launched in November 2021, covers commercial banks, regional rural banks, primary (urban) cooperative banks, non-banking financial companies (NBFCs) that are authorized to accept deposits or have assets of more than Rs.100 crore, payment system participants, and credit information companies.

The report provided an insight into the activities of the 24 offices of the RBI Ombudsman (ORBIOs), Centralized R...