Banking customers can hope for more efficient complaint resolution from their banks in the New Year. The Reserve Bank of India (RBI) promised a strengthened internal redressal framework by January 2021. RBI governor Shaktikanta Das made the announcement as part of his monetary policy statement on Friday.
Greater disclosures, monetary disincentives
For one, banks will have to make more disclosures on customer complaints received and handled by them. The RBI has also announced monetary disincentives for banks with a large number of maintainable (or valid) complaints. If maintainable complaints are “comparatively higher,” banks will have to cough up the cost of redressal of complaints.
The framework proposes a review of banks’ complaint resolution mechanisms and supervisory action against banks that fail to improve their redressal mechanism in a time-bound manner. These detailed guidelines to strengthen banks’ grievance redressal mechanisms and customer service will be out next month.https://cms.rbi.org.in. The ombudsman will resolve the issue, either by bringing about an amicable solution through conciliation between you and the bank or pass an order. However, if you are not happy with the order either, you can write to the RBI deputy governor. If all else fails, you can approach the consumer courts.