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‘Be sensitive while redressing customers’ grievances’: RBI tells ombudsman

Amid the high rates of digital transaction frauds in the country, RBI Governor Shaktikanta Das urged ombudsman to be “sensitive” and “judicious” in their approach while redressing grievances of customers.

At the annual conference of RBI Ombudsmen in Jodhpur, Rajasthan, Governor Das suggested ombudsman and regulated entities to first identify the root cause of customer compalints and then take necessary measures to correct them.

He demanded for quiock and fair solution to customers complaints.

The RBI Governor highlighted his concern of the fact that there are still persistent grievances in some specific areas like mis-selling, lack of transparency in pricing, disproportionate service charges, very high penal rates, etc.

The Reserver Bank of India Governor expressed concern regarding the complaints pertaining to traditional banking. He said that this calls for serious review of the working of the customer service and grievance redress mechanism in the regulated entities. The root cause of persistence of such grievances need to be analysed and necessary corrective measures undertaken, the Governor added.

He said that social media stories of using strong-arm tactics by some recovery agents overshadow the good work that is being done for customer protection, both by the regulated entities (Banks, NBFCs, etc.) and the Reserve Bank.

He stressed that root cause analysis and its outcome should drive necessary changes at the organisational level including the process and system changes, policy and technological upgradation and skill enhancement of the relevant personnel.

Complaints could provide a treasure trove of data on systems, processes and overall compliance, he said, adding that the findings can serve as invaluable inputs for the update of internal risk registers and mid-way correction.

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