Complaints with bank ombudsman increased 25% in FY18: RBI Report

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According to the RBI Report on Trend and Progress of Banking in India, number of complaints registered at banking ombudsman offices has increased to 25% owing to increased awareness and poor internal redressal mechanisms of banks.

More than 57% of the total complaints came from the banking ombudsman offices in tier-1 cities like New Delhi, Mumbai, Chennai, Kolkata, Bengaluru and Hyderabad.Of all the complaints received at the ombudsman’s offices, 97% of them were resolved in 2017-18, up from 92% in a year earlier.

The topic of complaints were related to non-observance of the fair practices code followed by those related to ATM, credit and debit cards, and for failure to meet commitments and mobile banking.

Bank-wise distribution shows that most complaints received against public sector banks were pension-related while most complaints received against private banks were for credit cards discrepancies.

In light of the growing digital banking infrastructure the country, the RBI plans to set up a compliance and tracking system portal to tackle the problem of cyber-fraud under the ombudsman scheme.