The Reserve Bank of India (RBI) has reported a spike of 68.2% in complaints under its Integrated Ombudsman Scheme (RB-IOS) for the financial year 2023, with figures reaching a staggering 703,000. This leap marks a substantial rise compared to the previous years, where FY22 saw a 9.4% increase and FY21 witnessed a 15.7% hike in complaints.
Factors behind the surge
Nature of complaints
Which states had the most number of complaints?
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Chandigarh, Delhi, Haryana, Rajasthan, and Gujarat emerged as the top contributors to ombudsman complaints. In contrast, Mizoram, Nagaland, Meghalaya, Manipur, and Arunachal Pradesh reported the lowest number of grievances.
The report highlighted an uptick in complaints from urban, semi-urban, and rural areas, showcasing a broad demographic engagement with the ombudsman scheme.
What were the common complaints?
The report detailed several common categories of complaints, including unauthorized/fraudulent digital transactions, delay in transaction reversals, lack of clear communication regarding loan terms, issues with pension resolutions, non-maintenance of minimum balance charges, cross-selling/mis-selling of products, delay in reporting credit information, and non-compliance by recovery agents with regulatory guidelines.
Complaints handling and resolution
Out of the total complaints received, 234,000 were managed by the ombudsman office, while the Centralised Receipt and Processing Centre (CRPC) disposed of 468,000 complaints. The CRPC plays a crucial role in the initial scrutiny and processing of complaints received through physical mode, further enhancing the efficiency of the complaint management system.
First Published: Mar 14 2024 | 9:08 AM IST