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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
RBI Governor wants CEOs to spend time on customer services
Reserve Bank of India Governor Sanjay Malhotra has expressed concerns over the rise in customer complaints and urged the top management of banks and non-bank lenders to get directly involved in improving customer services and resolving their grievances.
«I suspect that we are not spending enough time on customer service and grievance redressal as a result of which not only are there a large number of complaints being received by banks and NBFCs but in the absence of satisfactory resolution, a large number of them are getting escalated to RBI Ombudsmen,» the governor said Monday in Mumbai at the annual conference of the central bank's Ombudsmen.
«I would, therefore, strongly urge all the MD & CEOs, zonal and regional managers and the branch managers to spend some time every week, if not every day on grievance redressal. This is a must. All great CEOs find time to do it,» Malhotra said Monday in Mumbai.
The number of complaints received under RBI's Integrated Ombudsman Scheme increased at a compounded average growth rate of almost 50% per year over the last two years to 9.34 lakh in 2023-24. The number of complaints processed at the office of RBI Ombudsman rose by 25% to almost 2.94 lakh in 2023-24 from about 2.35 lakh in 2022-23.
There is no prescribed organisational structure for grievance redressal in central bank's regulation.
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The Governor also told banks and NBFCs not to seek customer identification documents on a regular basis.
«We need to ensure that once a customer has submitted documents to
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