RBI: Banks will no longer be arbitrary, Reserve Bank is going to take a big step, know how you can complain
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RBI Lokpal: In recent times, the country’s top bank Reserve Bank of India is strict on the complaints of arbitrariness of banks. RBI has decided to make some changes in order to strengthen the customer grievance redressal mechanism and bring the internal ombudsman guidelines under one master guideline. This information was given by Reserve Bank Governor Shaktikanta Das while giving information about the report of bi-monthly monetary review conducted on Friday. He clearly said that this effort of the bank will further strengthen the customer complaint redressal system of the units coming under regulation. Let us inform that the Reserve Bank of India in 2015 took steps to strengthen the Internal Grievance Redressal (IGR) system in select scheduled commercial banks and to ensure efficient and fair resolution of customer complaints by enabling top level review within the banks before rejecting them. For this purpose, an Internal Ombudsman (IO) mechanism was introduced. This was of great help in resolving customer complaints.
Work will be done on making a guideline: RBI
Reserve Bank Governor Shaktikanta Das said the regulated entities currently under the Internal Ombudsman (IO) framework include select scheduled commercial banks (SCBs), non-bank issuers of prepaid payment instruments (PPIs), NBFCs and all credit information companies (CICs). Different guidelines are included for. These guidelines have similar features but there are some differences in operational aspects. It has been decided to make some further changes and consolidate and harmonize the guidelines in one direction. This will further strengthen the customer grievance redressal system of regulated entities. He also announced the continuation of a comprehensive regulatory framework on RBI project finance. Shaktikanta Das said that the existing norms for the projects under implementation have been reviewed with a view to strengthening the existing regulatory framework governing project finance and harmonizing the instructions across all regulated entities.
E-commerce transactions will become easier
Shaktikanta Das said that in view of the increasing acceptance and benefits of ‘tokenization’ of card data, RBI is also considering introducing Card-on-File Tokenization (COFT) facilities directly at the bank level. He said that this will help in making e-commerce transactions more convenient. Let us tell you that today the apex bank has adopted a liberal stance and has not made any change in the repo rate. The bank has kept the repo rate constant at 6.50. Along with this, RBI has maintained the growth rate estimate of 6.5 percent for the current financial year. Whereas, it is estimated that retail inflation will be 5.4 percent in 2023-24.
What is RBI Lokpal?
According to the information about RBI Ombudsman (RB-IOS, 2021) given on the website of the Reserve Bank of India, the Reserve Bank launched the Integrated Ombudsman Scheme on November 12, 2021. It has been created by merging the three ombudsman schemes of the Reserve Bank of India, Banking Ombudsman Scheme, 2006, Ombudsman Scheme for Non-Banking Financial Companies, 2018 and Ombudsman Scheme for Digital Transactions, 2019. These schemes had limited and varied grounds for complaints and limited coverage of RE, in addition to jurisdictional restrictions. RB-IOS, 2021 provides for cost-free redressal of customer complaints related to deficiency in services provided by RBI regulated entities. In addition to integrating the three existing schemes, the scheme also includes additional REs, namely, non-scheduled primary (urban) co-operative banks and credit information companies with deposit size of ₹50 crore and above. The scheme adopts the approach of ‘One Nation One Ombudsman’ by providing official impartiality to the Ombudsman mechanism of the Reserve Bank of India.
How can I complain?
There are two procedures to make a complaint to the Ombudsman of the Reserve Bank. One process is online. For this, you go to the Complaint Management System Portal of RBI. Here first of all select your language from the option given above. After this, the option File a Complaint is given on the screen. Click on it. After this enter your name and mobile number. Enter. An OTP will come on the mobile. After entering it, you can register your complaint by giving the complete information required. Apart from this, you can submit your written complaint in the form specified in Annexure ‘A’ of the scheme to ‘Centralized Receipt and Processing Centre’ , 4th Floor, Reserve Bank of India, Sector-17, Central Vista, Chandigarh – 160017′ through letter or post.
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