Business and Economy

Launch of Complaint management system by RBI against any regulated entity

The Reserve Bank of India Monday launched an application on its website for lodging complaints against banks and NBFCs with a view to improve customer experience in timely redressal of grievances. The Complaint Management System (CMS) is a software application to facilitate RBI’s grievance redressal process. 

The CMS will be accessible on desktop as well as on mobile devices. The RBI also plans to introduce a dedicated Interactive Voice Response (IVR) system for tracking the status of complaints. It provides features such as acknowledgement through SMS/Email notification(s), status tracking through unique registration number, receipt of closure advises and filing of Appeals, where applicable. It also solicits voluntary feedback on the customer’s experience.

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.

“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.

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