India’s growth outlook is supported by robust domestic engines: RBI
The global economy remained resilient in the first half of 2024, with declining inflation supporting household spending, it said in its October Bulletin.
The Reserve Bank of India (RBI) on Wednesday announced a comprehensive framework that aims to strengthen the grievance redress mechanism in banks.
Currently, the grievance redressed process through Offices of Banking Ombudsman (OBOs) is free for the banks and customers, the central bank said in its new framework. It added that it will continue to remain free for the banks and members of the public.
“Reserve Bank will undertake, as a part of its supervisory mechanism, annual assessments of customer service and grievance redress in banks based on the data and information available through the Complaint Management System, and other sources and interactions,” as per the framework.
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The framework comprises enhanced disclosures on complaints to be made by the banks; recovery of the cost of redress of maintainable complaints from the banks against whom the number of complaints received in the OBOs are in excess of their peer group averages; and intensive review by RBI of the grievance redress mechanism.
“The framework intends to, inter-alia, provide greater insight into the volume and nature of complaints received by the banks as also the quality and turnaround time of redressal, promote satisfactory customer outcomes and improved customer confidence, and identify remedial steps to be taken by the banks having persisting issues in grievance redress mechanism,” the RBI said.
The Reserve Bank said it has taken various initiatives over the years for improving customer service and grievance redress mechanism in banks.
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