Select Your Location
The article is about the RBI grievance redressal mechanism in Banks for which a framework has been notified. The RBI released notification dated 27th January 2021 about the change in banks’ mechanism of grievance redressal.
The Notification 2020-2021/1002 has been issued by RBI- as a framework which comprises of a) the increasing disclosures on complaints should be made by the Banks from the customers, b) to lay down the –recovery of cost redressal which comprises of -maintainable complaints from the banks against whom the number of complaints has been received in the Office of Banking Ombudsman (OBO). Such complaints were received in excess compared to the average complaints against the banks to the Ombudsman, c) that the RBI has issued the intensive review of the grievance redress mechanism of banks having persisting issues in their redress mechanism.
Clarification in the Notification
It has been clarified by RBI- that the RBI grievance redressal mechanism, will continue to be free of cost for the customers of the banks and members of the public.
Table of Contents
The Ombudsman system is the grievance redressal of the Bank. In case the Bank is unable to take action, the customer can raise the issue with the Internal Banking Ombudsman of the relevant Bank. The RBI has taken steps to strengthen the Internal Ombudsman and making them more independent authority. Even though the banks have internal grievance system along with an internal ombudsman, still many complaints remains unresolved and reaches the external ombudsman.
So, in reality, the internal Ombudsman of the Bank is the internal checker of customers complaints.
The statement sets out the various developmental and regulatory policy measures, which also speaks about the regulation and supervision, under which, the Grievance Redress Mechanism, has been discussed:
The statistics in the below data shows the rise of the RBI grievance redressal mechanism and the Ombudsman redressing it:
The importance of the RBI grievance Redressal mechanism is of utmost importance cause of the following:
It can be concluded that RBI grievance redressal mechanism is necessary to retain and sustain the customers’ confidence and trust in the banking system. The supervisory function of the Bank is essential at the time when the economy is suffering and recovering from the pandemic. Enterslice can provide the support for same.
Read our article:RBI introduces the Co-Lending Model between Banks & NBFCs
She is B.Com (H), LL.B LLM, Cs (Module 2) And Certification In Cyber Law From ILI Qualified. She has Been A Legal Teacher In The Previous Organization. My Strength Is My Expertise Knowledge In Civil Laws, Corporate Law And Tax Laws. I Have Been Legal Teacher And Legal Trainer In The Past Organization. Her Knowledge About The Subjects Have Expanded Due To Teaching Number Students From Various Universities All Over India.
Black money has been the subject of heated political debate in India for a long time. Successiv...
The Apex Court pronounced a judgement in the case titled Tata Motors Vs The Brihan Mumbai Elect...
Since economies are moving towards digitalisation and making it feasible to conduct transaction...
The Alternative Investment Funds (AIFs) Pro-rata and Pari-Passu Rights Proposal Consultation Pa...
The Financial Action Task Force, i.e. FATF (the Force), is the global money laundering and terr...
Advance tax refers to the payment of the tax liability before the end of the relevant financia...
On 11.12.15, the Hon’ble Delhi High Court (HC) pronounced a landmark judgement in the case ti...
Money laundering can be defined as the process of illegal concealment of the origin of money ob...
Every assessee in India is obligated to file an income tax return and make the timely payment o...
In the recent past, India has seen burgeoning demand for internet and smartphones. The rapid ri...
Are you human?: 1 + 9 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
The Reserve Bank of India (RBI) has revised the LFAR norms to assess the gaps and vulnerable risk management gaps....
15 Mar, 2021
With the social distancing norms being followed owing to the COVID-19 pandemic, there has been a significant rise i...
18 Jul, 2020
Red Herring Top 100 Asia enlists outstanding entrepreneurs and promising companies. It selects the award winners from approximately 2000 privately financed companies each year in the Asia. Since 1996, Red Herring has kept tabs on these up-and-comers. Red Herring editors were among the first to recognize that companies such as Google, Facebook, Kakao, Alibaba, Twitter, Rakuten, Salesforce.com, Xiaomi and YouTube would change the way we live and work.
Researchers have found out that organization using new technologies in their accounting and tax have better productivity as compared to those using the traditional methods. Complying with the recent technological trends in the accounting industry, Enterslice was formed to focus on the emerging start up companies and bring innovation in their traditional Chartered Accountants & Legal profession services, disrupt traditional Chartered Accountants practice mechanism & Lawyers.
Stay updated with all the latest legal updates. Just enter your email address and subscribe for free!
Chat on Whatsapp
Hey I'm Suman. Let's Talk!