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RBI unveils stricter norms for banks to bolster grievance redress mechanism The new framework mandates banks to have enhanced disclosures on complaints. Also, it talks about recovery of the cost of redress of maintainable complaints from the banks against whom the number of complaints received in the Offices of Banking Ombudsman (OBOs) are in excess of their peer group averages. January 28, 2021 / 12:17 AM IST The Reserve Bank of India (RBI) on Wednesday announced a comprehensive framework aimed at strengthening the grievance redress mechanism in banks and nudge lenders address the customer complaints in a time bound manner. The central bank’s action follows an increase in customer complaints in the banking industry in the recent years. ....
Pain Points of Bank Depositors and How To Redress Them 17 “Do you know that RBI is winding up its customer services department and also BCSBI (Banking Codes and Standards Board of India)?” asked a rather agitated former bank chairman who was instrumental in the creation of BCSBI along with the late SS Tarapore.
The dissolution of BCSBI, a well-meaning but deeply flawed organisation, was long overdue. Announced in the Reserve Bank of India (RBI) annual report, in August 2020, it went largely unnoticed due to the disruption caused by the COVID pandemic. The winding up of RBI’s customer services department is what interest us more. ....