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.
- Country:
- India
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.
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