BANK GRIEVANCE REDRESSAL
Now, a 'Bank Clinic' to guide you on complaints
The Bank Clinic is an initiative by the All India Bank Employees' Association (AIBEA) to help customers address their grievances amid rapid expansion in technology and a series of Reserve Bank of India (RBI) guidelines on retail banking. A customer can fill out the details of her/his complaint, create a ticket, and receive a reply in five working days on the remedies available and information on what the RBI guidelines prescribe on that matter.
RBI unveils final guidelines for fintech SRO
The RBI had unveiled draft guidelines in January this year, following which industry participants sent in their responses. The regulator wants the SRO to be truly representative of multiple participants across the fintech space.
Trouble with bank and can't find resolution? File a complaint against bank with RBI Ombudsman; who are eligible, when, where to file
RBI Ombudsman: Facing any issue with your bank? First try to solve it by filing a complaint, etc. If it is still not solved you may approach the Reserve Bank of India (RBI) and file a complaint under the 'Banking Ombudsman Scheme'. Read here to know who can file such a complaint and when will such a complaint not be considered.
What are Indian consumers most hassled about?
India's top 1,062 listed companies cumulatively received over 48.4 million consumer complaints in FY23, 14% lower than in FY22, showed data sourced from Prime Database. Disclosing the number of customer complaints forms part of the business responsibility and sustainability reporting (BRSR) framework that is mandatory disclosure for the top 1,000 listed companies from FY23.
Bearing the brunt today, but good for long term: 6 stocks from the financial services sector with upside potential of up to 30%
For all those who were again thinking why the financial services sector stocks are leading the recent phase of decline. A look into FPI holding patterns would throw the answer. It is the financial services, including banks where FPIs have the maximum exposure, so if they are booking profit, the first round of selling is bound to come in the sector where they have maximum holding.But there is another part to the story, which is when they come back, it is the very same sectors where they buy the first, because financial services and banks are the best proxy play to GDP growth. Also the fact that the majority of these stocks have ample liquidity plays an important part in the kinds of strong moves these stocks see.
Axis Bank credit card holders notice fraud transactions: How to block Axis Bank credit card, get money back
Axis Bank credit cards: Many Axis Bank credit card customers have taken to social media to complain about fraudulent activities they have noticed. Here is how to block your Axis Bank credit card, and file a complaint.
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RBI readies framework for SROs
India's central bank sets guidelines for SROs including grievance redressal mechanisms, non-discriminatory fees, and adherence to regulatory standards to ensure fair and transparent operations in various sectors.
AI increases cybersecurity challenges manifold for financial institutions: RBI Guv Das
Governor Shaktikanta Das addressed the Annual Conference of RBI Ombudsman, emphasizing the importance of data analysis, cybersecurity, fraud prevention, and efficient grievance redressal mechanisms for financial institutions to protect customer information and enhance customer service.
RBI governor asks banks to plug gaps in customer grievance mechanisms
The Reserve Bank of India has instructed banks and other financial intermediaries to address shortcomings in their customer grievance systems and ensure equitable pricing of their products and services, along with maintaining transparency in customer dealings and preventing mis-selling.
RBI cautions banks, NBFCs against complancency
Reserve Bank of India (RBI) governor Shaktikanta Das has asked banks to be on guard against complacency and be vigilent around build-up of risks in the financial sector. Das along with deputy governors M Rajeshwar Rao and Swaminathan J met CEOs of public sector banks on Tuesday, the first such meeting since July last year.
Banks investing hugely in customer acquisition but need to focus on resolving grievances: RBI DG
Emphasising the need to protect customers by giving them efficient, prompt, and cost-effective grievance redressal mechanisms, Reserve Bank of India deputy governor M Rajeshwar Rao said the efforts of banks to provide timely solutions had not kept pace with the explosion in technology and products.
Credit information cos have to send alerts, update customers on default info, says RBI
Credit information companies (CICs) have been instructed by the Reserve Bank of India (RBI) to notify clients by email or SMS whenever financial institutions access their credit information report (CIR), provided that the customer's email address or mobile number is accessible. After six months, the revised guidelines will come into effect.
RBI to harmonise Internal Ombudsman framework to strengthen customer grievance mechanism
The Reserve Bank of India (RBI) is implementing changes to strengthen its customer grievance redressal system. RBI Governor Shaktikanta Das announced the consolidation and harmonisation of the Internal Ombudsman guidelines into a single master direction. This move aims to enhance the customer complaint resolution process for regulated entities. The Internal Ombudsman mechanism was introduced in 2015 and has since been extended to various Non-Banking Financial Companies, Credit Information Companies, and Non-Bank System Participants. The RBI also plans to issue a framework for recognising Self-Regulatory Organisations to promote compliance culture and provide a consultative platform for policy-making. Stakeholder comments will be sought on the draft of the framework.
RBI streamlines Internal ombudsman scheme of banks, other financial institutions to help customers
As per the RBI governor, the consolidation of master guidelines will fine tune the redressal of customers' complaints. In November 2021, the RBI announced the Integrated Ombudsman by merging three different ombudsman schemes. The current announcement deals with streamlining the operational aspect of the ombudsman scheme to make it easier for customers to file complaints.
Average disposal time of public grievances by central govt depts reduced to 16 days: Jitendra Singh
Union minister Jitendra Singh said there has been a decline of almost 50% in the average disposal time for central ministries/departments from 32 days in 2021 to 16 days in 2023.
RBI panel suggests a host of customer-centric initiatives for banks
An RBI-appointed panel has recommended a range of customer-centric initiatives to be adopted by banks, reports suggest. The initiatives include online settlement of claims by heirs of deceased account holders, flexibility for submission of life certificates by pensioners and centralised KYC databases. The panel also recommended operations of accounts should not be stopped pending periodic Know Your Customer updates, as well as a time limit for the return of property documents to borrowers after the closure of a loan account. In May last year, the Reserve Bank set up the committee under former RBI Deputy Governor BP Kanungo.
Social media grievance panels require more publicity, says MoS Rajeev Chandrasekhar
Earlier this year, the Centre announced the establishment of three GAC panels based on the recently amended Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021.
DoE issues guidelines for admission against vacant seats of pre-primary, primary classes
According to a circular issued by DoE, seats of students placed under long absence during the current session and not traceable or admitted in another school (with documentary proof) will be considered vacant. "Priority should be given to applicants who have applied for admission on a transfer basis from Sarvodaya Vidyalayas of DoE," it said.
Government launches Grievance Appellate Committee for social media firms
The platform will automatically segregate the complaints - made to the government-appointed GACs - and escalate those that require intervention to its three subcommittees.
Govt forms grievance committees to address complaints against social media platforms
According to the notification, each of the three GACs will have a chairperson, two whole-time members from different government entities and retired senior executives from the industry for a term of three years from the date of assumption of office.
ETtech Explainer: The grievance committees formed by IT ministry and what they will do
Social media companies including Meta, the parent company of Facebook, WhatsApp and Instagram, as well as Twitter had pushed for a self-regulated industry body to act as a grievance redressal forum instead of a government-backed entity.
Grievance redressal mechanism of e-commerce players not up to mark: Consumer Affairs Secy
Addressing an event organised by the Public Affairs Forum of India (PAFI), Singh said the number of complaints registered on the National Consumer Helpline (NCH) has gone up to 90,000 in November compared to 40,000 in the same month last year.
Concerned over high customer grievances: Shaktikanta Das
"Despite our enhanced focus on customer service and consumer protection, I am very concerned to notice that there are still persistent grievances in some specific areas like mis-selling, lack of transparency in pricing, disproportionate service charges, very high penal rates," Das said while speaking at a public function in Jodhpur.
Reserve Bank of India introduces internal ombudsman mechanism for CreditInformation Companies
The directions, issued by the Reserve Bank of India, include the appointment/tenure, role and responsibilities, procedural guidelines, and oversight mechanism for the Internal Ombudsman. All complaints that are partly or wholly rejected by CreditInformation Companies will be reviewed by the IO before the final decision of the CIC is conveyed to the complainant, it said, adding that the IO will not entertain any complaints directly from the members of public.
Finance minister Nirmala Sitharaman asks I-T department to quickly process ITRs, refunds
Sitharaman said pending cases need to be resolved expeditiously and that the department could run a campaign for this on the lines of public sector banks. Despite Covid-19 related challenges,she said direct tax collections had sustained the momentum and use of technology had closed the gap between direct tax and indirect tax collections.
Now you can take your unresolved credit score complaint to RBI
The Reserve Bank of India (RBI) has announced that individuals having issues with credit information companies such as CIBIL, Experian, Equifax etc., can file complaints directly with the central bank. The announcement was made by the RBI governor today in the statement after the Monetary Policy review. Currently, there are four credit bureaus in India.
India Post parcel tracking and grievance redressal services will not be available for these days
India Post customers can submit grievances and status updates. The India Post portal will not, however, offer tracking or grievance redressal services due to the scheduled upgrade activity.
Aadhaar: How to lodge Aadhaar-related grievance online
UIDAI has designed a multi-channel grievance resolution mechanism for citizens' questions and complaints regarding Aadhaar enrollment, updation, and other services in order to address the issues.
RBI advises Small Finance Banks to continue to evolve in tune with differentiated banking licenses
Reserve Bank of India (RBI) has advised Small Finance Banks (SFBs) to continue to evolve in tune with the differentiated banking license given to them.
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