RBI site to accept plaints against banks, finance companies

MUMBAI: The Reserve Bank of India (RBI) has introduced a complaint management system (CMS) on its website through which customers can obtain redressal of their grievances against all financial service providers regulated by the central bank.

Once the complaint details are entered, the grievance will be directed to the appropriate office of the ombudsman or the regional office of the RBI.

The application improves transparency by keeping the complainants informed through auto-generated acknowledgements and enabling them to track the status of their complaints and file online appeals against the decisions of the ombudsman.

Complainants can also voluntarily share feedback on their experience in obtaining redressal.

“The application being launched today symbolises RBI’s commitment to improve customer experience in grievance redressal process by ensuring timely resolution of complaints,” said RBI governor Shaktikanta Das in a statement. The CMS will be accessible on desktop as well as on mobile devices. The RBI plans to introduce a dedicated Interactive Voice Response (IVR) system for tracking the status of complaints.

Das said that the RBI will use insights from the CMS data for analytics, which can be used for regulatory and supervisory interventions. He added that banks can use the inputs for designing products which will meet their expectations. “Obviously, those entities who perform better in analysing the data and using it for creating customer value would be able to benefit more and have a competitive advantage,” said Das.