x

RBI Launches Complaint Management System To Address Grievance Redressal

Home »  Personal finance news »  RBI Launches Complaint Management System To Address Grievance Redressal
RBI Launches Complaint Management System To Address Grievance Redressal
Himali Patel - 26 June 2019

Reserve Bank of India (RBI) on June 24, launched Complaint Management System (CMS), which is a software application to facilitate RBI’s grievance redressal processes. In case of any complaints against any of the entities regulated by RBI, members of public can directly go to this CMS portal. With the ease of convenience, customers can file on-line complaints easily. Further it also provides customers with acknowledgement through SMS/Email notification(s), status tracking through unique registration number as well as, receipt of closure advises and filing of Appeals, where applicable. Customer are also allowed to give their feedback in terms of their experience. “I take this opportunity to seek the co-operation of all RBI regulated entities with public interface such as commercial banks, Urban Co-operative banks, Non-Banking Financial Companies (NBFCs), etc. in resolving customer complaints in a speedy and meaningful manner to promote public confidence in the financial system,” said the RBI governor.

That said, CMS also has option for customers to understand how to use the portal via. self-help material (in video format) to guide, videos on safe banking practices; and on the regulatory initiatives of RBI. The complaints received through CMS would be resolve by Principal Nodal Officers/Nodal Officers. “The system provides facilities for generation of a diverse set of reports to monitor and manage grievances by the Regulated Entities. They can use the information from CMS for undertaking root cause analyses and initiating appropriate corrective action, if required,” highlighted RBI in it’s circular.

The RBI officials can also track the progress of redressal. “The application also improves transparency by keeping the complainants informed through auto-generated acknowledgements and enabling them to track the status of their complaints and file Appeals online against the decisions of the Ombudsmen, where applicable,” said Governor. The insights generated form the CMS data can be used by banks for designing products to meet the customers expectations. “Data from CMS can be leveraged by the Reserve Bank for analytics which can be used for regulatory and supervisory interventions, if required. Various dashboards provided in the application will help Reserve Bank to effectively track the progress in redressal of complaints,” said RBI.

IndiaMART InterMESH IPO Witnessed Oversubscription On Last Day
RBI Proposes Rs. 5000 Crore Stressed Assets Fund For MSMEs

Related Articles