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RBI Urges Fair Complaint Resolution by Ombudsmen
14 Jul
Summary
- RBI Deputy Governor emphasized fair and effective complaint resolution.
- Internal Ombudsmen must identify root causes of recurring issues.
- Conference included banks, NBFCs, CICs, and senior Reserve Bank officials.
The Reserve Bank of India's Deputy Governor, Swaminathan J, recently addressed the annual conference of Internal Ombudsmen (IOs), emphasizing the critical need for providing meaningful, fair, and effective resolutions to customer complaints. His keynote speech underscored the role of IOs in identifying recurring issues within the financial sector.
He urged the IOs to proactively undertake root cause analysis for these recurring problems. By understanding the underlying issues, measures can be implemented to prevent similar complaints in the future, thereby improving overall customer service. This focus aims to strengthen the grievance redressal mechanism.
The conference itself brought together a wide array of stakeholders. IOs from various regulated entities, including banks, non-banking financial companies (NBFCs), and credit information companies (CICs), were present. Additionally, Managing Directors, Executive Directors, and CEOs responsible for customer service, along with RBI Ombudsmen and senior officials from the Reserve Bank, participated in the discussions.
