RBI tells banks to strengthen handling of recurring customer complaints
The Reserve Bank of India (RBI) is telling banks to step up their game when it comes to handling customer complaints, especially the ones that keep coming back.
In the fiscal year 2024-25 alone, more than 1.33 million complaints were received under the RBI's ombudsman scheme (a 13.55% increase from the previous year).
Clearly, something is not working.
RBI calls for root cause analysis
The RBI is not just asking for quick fixes: they want banks to dig into why these complaints happen and make real changes so they do not come up again.
Deputy Governor Swaminathan J pointed out that many issues only got sorted after reaching the ombudsman, meaning banks' own systems missed them at first.
He called for a serious review of how complaints are handled.
Another executive suggested industry-wide training programs, all aiming for smoother and fairer experiences for customers.