Grievances of consumers need to be resolved urgently, says RBI Governor | So Good News


Reserve Bank of India ombudsmen should ensure that consumer complaints are redressed expeditiously and fairly, RBI Governor Shaktikanta Das he said on Friday.

Speaking at the Annual Meeting of RBI Ombudsmen in Jodhpur, said that RBI ombudsmen and regulated entities (REs) should identify the causes of customer complaints and take steps to rectify them.

The central bank governor said he was worried about the rising number of customer complaints, despite the RBI’s efforts to resolve them.

Other areas that have reported the most complaints include mis-selling, insufficient service fees, and excessive fines.

Das also raised the issue of intimidation tactics used by representatives of financial institutions, citing media reports.

He also expressed concern about various fraudulent methods used by unwanted organizations such as phishing, vishing, fake links and websites, and remote access software.

“The concern is that most of the complaints are against traditional banks,” Das said.

“This calls for a thorough review of the customer service and grievance redressal processes at regulated institutions,” he added.

The reasons behind the persistence of such complaints should be investigated and the process improved, stressed Das.

At the same time, he added that the ombudsman’s offices should be cautious and cautious in their actions.


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