RBI calls upon internal ombudsmen to give inputs for enhancing processes

The conference was attended by MD & CEOs, executive directors, and senior officials from the Reserve Bank of India.

The Reserve Bank has called upon internal ombudsmen of banks, NBFCs, and CICs to provide inputs for enhancing internal systems and processes.

As part of the Reserve Bank's continuing engagement with regulated entities, the second Conference of Internal Ombudsmen on the theme 'Orchestrating Customer Delight through an Empowered Internal Ombudsman', was held in Mumbai on January 16, 2024. Deputy Governor Swaminathan J in his keynote address emphasised the pivotal role of Internal Ombudsmen as the vigilant observers and facilitators in a fair and just dispute resolution process, for ensuring effective and impartial redress of customer grievances within the regulated entity itself, the RBI said in a release on Thursday.

He called upon the Internal Ombudsmen to provide valuable inputs for enhancing internal systems and processes as well as to proactively guide the regulated entity in taking remedial measures to address recurring complaints, it said. Swaminathan also outlined RBI's expectations from the board/ top management of the regulated entities by emphasising that a well-functioning Internal Ombudsman mechanism is beneficial for all stakeholders. The conference was attended by MD & CEOs, executive directors in charge of customer service verticals, internal ombudsmen, principal nodal officers of select regulated entities from among banks, NBFCs and CICs, besides senior officials from the Reserve Bank of India.

The conference included a presentation on the context, challenges and coordinated approach for an empowered Internal Ombudsman and experience-sharing sessions by Managing Directors, Executive Directors and Internal Ombudsmen of regulated entities.