The Governor said the RBI Ombudsmen and the regulated entities (REs) must first identify the root causes of persisting customer complaints and take necessary systemic measures to correct them. Second, the resolution of customer complaints by the REs and the RBI ombudsmen has to be fair and quick.
He also 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. He also mentioned 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.
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. (ANI)