Announcing the Monetary Policy Committee (MPC) decision on Friday, Reserve Bank of India (RBI) Governor Sanjay Malhotra emphasised the need for banks and non-banking financial companies (NBFCs) to place customers at the centre of their operations.
Announcing the Monetary Policy Committee (MPC) decision on Friday, Reserve Bank of India (RBI) Governor Sanjay Malhotra emphasised the need for banks and non-banking financial companies (NBFCs) to place customers at the centre of their operations.
He urged institutions to strengthen customer service frameworks and minimise grievance levels.
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Highlighting the rising volume of consumer complaints, the Governor announced a two-month special campaign, starting January 1, to clear all grievances pending for over a month with the RBI Ombudsman.
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“In the recent past, due to a large number of grievances received, pendency with the RBI Ombudsman has increased. We propose to hold a two-month campaign with an aim to resolve all grievances pending for more than a month,” Malhotra said.
He also outlined initiatives undertaken by the central bank to enhance customer experience, pointing to improvements in Re-KYC processes, financial inclusion efforts, and the ‘Aapki Poonji, Aapka Adhikar’ awareness campaign.
The RBI has also moved all its service applications online and now publishes monthly disposal and pendency summaries.
According to Malhotra, over 99.8 per cent of applications are resolved within specified timelines.
Earlier this week, the RBI released the Integrated Ombudsman Scheme Annual Report for FY 2024–25, which recorded 13.34 lakh consumer complaints, a 13.55 per cent rise from the previous year.
The report highlighted a growing digital complaint footprint, better disposal efficiency, and rising concerns related to loans, credit cards, and digital fraud.
Loans and advances accounted for the highest share of complaints at 29.25 per cent, while credit card-related grievances surged by 20.04 per cent, becoming the second-largest category.
Complaints tied to mobile and electronic banking, however, fell by 12.74 per cent. Banks made up 81.53 per cent of total complaints, followed by NBFCs at 14.80 per cent.
The RBI MPC announced a 25 basis point reduction in the repo rate, bringing it down to 5.25 per cent, while maintaining a neutral monetary policy stance.
The MPC’s decision to cut the policy rate aims to support economic momentum while ensuring financial stability, the Governor noted.
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