Mint explainer: Who complained to RBI against banks, non-bank lenders
Subscribe to enjoy similar stories. MUMBAI : New products, innovations, and technological advancements in the banking sector have heightened the need for stronger customer protection measures, particularly in the light of emerging threats and malpractices, said the Reserve Bank of India’s (RBI) 2023-24 annual report for the Integrated Ombudsman Scheme. The scheme, launched in November 2021, covers commercial banks, regional rural banks, primary (urban) cooperative banks, non-banking financial companies (NBFCs) that are authorized to accept deposits or have assets of more than ₹100 crore, payment system participants, and credit information companies.
The report provided an insight into the activities of the 24 offices of the RBI Ombudsman (ORBIOs), Centralized Receipt and Processing Centre (CRPC), and the contact centre during 2023-24. Mint examines the report's findings, including the nature of complaints, against whom they were filed, and the regulator's measures to strengthen grievance redressal mechanisms. A total of 934,355 complaints were received in 2023-24, an on-year increase of 32.8%.
Of these, 293,924 or 31.5%, were received by the ORBIOs, whereas 640,431 or 68.5%, were received by the CRPC. Another 719,694 calls were received at the contact centre. Of the total complaints, 82.3% were against banks, and 14.5% were against NBFCs.
Among the banks, state-run lenders were named in 38.3% and private players in 34.4% of the grievances. The top five categories—loans and advances, mobile/electronic banking, deposit accounts, credit cards and ATM/debit cards—accounted for 87.2%. All five categories but one witnessed on-year increases in complaints.
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