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Updated 15:23 IST, January 25th 2025

Ombudsman Disposed 95% Complaints Received in FY24- All Details

The RB-IOS is an alternate grievance redress mechanism offering a cost-free and expeditious way of resolving complaints of customers.

Reported by: Business Desk
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The RBI kept its key lending rate steady as widely expected | Image: Shutterstock

The Reserve Bank of India (RBI) released a report where it stated that the Ombudsman was able to settle 95.1% of complaints received between April 1, 2023, and March 31, 2024. The total number of complaints received under the Reserve Bank-Integrated Ombudsman Scheme (RB-IOS) within this period was 9,34,355.


The RBI Ombudsman was able to dispose of 2,84,355 complaints, with a disposal rate of 95.10%. A major chunk of complaints, 88.77%, came through digital means such as the online Complaint Management System (CMS), email, and CPGRAMS (Centralised Public Grievance Redress and Monitoring System).


Complaints Against Banks and NBFCs


Major proportion were from individuals only, accounting to 87.27%. Banks and NBFC are mostly responsible for troubles. Complaint against banks alone forms 82.28%, complaints against NBFC are 14.53% in total number. Loan advances was the main complaint with regard to which majority, that is, 29.01%.

Increase in Numbers of Complaint and Appeals


The CRPC received 30.10 percent more complaints than in the previous year, totaling 7,66,957 complaints, of which 7,58,483 were disposed of by the Ombudsman. Apart from that, 82 appeals were filed before the Appellate Authority against the orders of the Ombudsman, of which 72 appeals were filed by the complainants and 10 by the regulated entities.


Consumer Protection for the Future


According to the report, in order to improve consumer protection and grievance redress mechanisms, the Consumer Education and Protection Department has set specific goals for the April 1, 2024–March 31, 2025 timeframe under the Reserve Bank's medium-term strategy framework (Utkarsh 2.0) and other short-term goals.

Consumer Education and Protection Department looks forward to setting new goals in April 1, 2024, to March 31, 2025. They include improving the complaint management system for easier lodging of complaints, ensuring consistency in decisions, and developing a consumer protection assessment matrix for REs.


What is RB-IOS?


The RB-IOS is an alternate grievance redress mechanism offering a cost-free and expeditious way of resolving complaints of customers who felt their issues were not properly addressed by the REs, or that no response had been received within 30 days.

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Published 15:23 IST, January 25th 2025