RBI Governor raises concerns over complaints being misclassified as "customer queries" by banks

RBI Guv raises concerns implicit complaints being misclassified arsenic "customer queries" by banks Mumbai, Nov 18 (PTI) Reserve Bank Governor Shaktikanta Das connected Monday expressed concerns implicit instances wherein banks misclassify complaints arsenic "customer queries" and asked slope boards to guarantee lenders' genuine committedness to lawsuit centricity.

The politician was speaking astatine the Conference of Directors of Private Sector Banks here.

Trust is the bedrock of banking, and the manufacture fundamentally relies connected the religion of depositors and investors for its stableness and growth, helium said.

Building and maintaining this spot requires banks to spot customers astatine the bosom of their operations and guarantee that products, services, and policies genuinely conscionable lawsuit needs and expectations, Das said.

"In this context, it is disheartening to spot the quality of immoderate of the complaints and the observations successful our inspection reports. There are instances wherever complaints are misclassified arsenic lawsuit queries," the politician said.

He further said the RBI has besides travel crossed instances of rejected grievances not being escalated to the interior ombudsman of banks.

"I would similar to impulse the Boards and their Customer Service Committees to intimately look into these aspects to guarantee that banks person a genuine committedness to lawsuit centricity" helium added.
He besides noted that portion advancement has been made successful enhancing lawsuit awareness, determination remains important imaginable to amended fiscal literacy, peculiarly for the marginalised, little savvy, and agrarian population.

These groups, Das said often conflict to navigate the analyzable fiscal scenery and are much susceptible to usurious involvement rates, fraud, and different unfair practices.

It was the 2nd yearly league organised by the Reserve Bank with the boards of backstage assemblage banks arsenic portion of a bid of engagements with them.

The league had the information of implicit 200 directors of backstage assemblage banks, including chairmen, managing directors and main enforcement officers.

Deputy governors M Rajeshwar Rao and Swaminathan J, on with enforcement directors representing the RBI's Department of Supervision, Regulation and Enforcement, and different elder officials of the RBI, besides participated successful the conference.