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RBI launches system to lodge complaint against regulated entities with tracking facility

The complaint would be directed to the appropriate Office of the Ombudsman/ Regional Office of the RBI.

The Reserve Bank of India on Monday launched a Complaint Management System (CMS) by providing a single window on Reserve Bank’s website for lodging complaints against any regulated entity.

According to the RBI, the application also improves transparency by keeping the complainants informed through auto-generated acknowledgements and enabling them to track the status of their complaints and file appeals online against the decisions of Ombudsmen, where applicable. “Further, complainants can also voluntarily share feedback on their experience in obtaining redressal,” it said.

The complaint would be directed to the appropriate Office of the Ombudsman/ Regional Office of the RBI. RBI Governor Shaktikanta Das said data from CMS can be leveraged by the Reserve Bank for analytics which can be used for regulatory and supervisory interventions, if required. Various dashboards provided in the application will help Reserve Bank to effectively track the progress in redressal of complaints, he said.

“I take this opportunity to seek the co-operation of all RBI regulated entities with public interface such as commercial banks, urban co-operative banks, non-banking financial companies (NBFCs), etc. in resolving customer complaints in a speedy and meaningful manner to promote public confidence in the financial system,” Das said.

“Sustaining the confidence of consumers in banks and other financial service providers (FSPs) through prompt and effective grievance redressal, together with empowering customers through education is pivotal for maintaining trust in the banking system,” he said. The Reserve Bank also plans to introduce a dedicated interactive voice response (IVR) system for tracking the status of complaints.

“The benefit to the financial system will accrue from seamless access of CMS to the nodal officers of banks and financial service providers (FSPs). CMS can generate various reports for monitoring and managing complaints pertaining to each entity,” Das said.

The RBI expects banks and FSPs to use the data on CMS not only for reducing their turnaround time in resolution of complaints and strengthening their grievance redressal mechanism but also for undertaking root cause analyses with an objective of understanding their customer pain areas, behaviour and expectations so as to improve their services for maintaining customer loyalty. “Insights from the data available from CMS can, for example, be used by banks and FSPs for designing products which meet the expectations of their customers. Obviously, those entities who perform better in analyzing the data and using it for creating customer value would be able to benefit more and have a competitive advantage,” he said.

“Customer awareness is an enabling tool for strengthening customer protection. An alert and aware customer can effectively guard against the risks of mis-selling, cheating, frauds and such other threats. In our endeavor to spread awareness, we have placed on the CMS portal, videos with young role-models, including sportspersons, on safe banking practices and other important customer-centric regulatory initiatives of the Reserve Bank,” he said.

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