RBI's Ombudsman Achieves 95% Complaint Disposal Amid Surge in Cases

The Reserve Bank of India's Ombudsman managed to dispose of 95.1% of complaints in the fiscal year 2023-24. A total of 9,34,355 complaints were submitted, mainly through digital channels. Complaints about banks and NBFCs were prevalent, with loans and advances being the largest category of grievances.

The Reserve Bank of India (RBI) reported on Friday that its Ombudsman had successfully managed to dispose of 95.1% of complaints received during the fiscal year from April 1, 2023, to March 31, 2024. This achievement reflects efforts under the Reserve Bank - Integrated Ombudsman Scheme (RB-IOS).

According to the Annual Ombudsman Scheme Report, a staggering 9,34,355 complaints were received by the RBI's Complaint Processing Centers. Impressively, 88.77% of these grievances were lodged through digital platforms, showcasing a shift towards digital redressal mechanisms.

Moreover, the majority of complaints were against banks and Non-Banking Financial Companies (NBFCs). The RBI aims to enhance consumer protection and improve complaint management systems as part of its medium-term strategy, Utkarsh 2.0, outlined for 2024-2025.

(With inputs from agencies.)