Quick Summary
RBI had announced in the Statement on Developmental and Regulatory Policies issued as part of theMonetary Policy statement dated December 4, 2020that with a view to strengthen and improve the efficacy of the grievance redress mechanism of banks, a comprehensive framework will be put in place during January 2021. Accordingly, a framework comprising of i) enhanced disclosures on complaints to be made by the banks; ii) recovery of the cost of redress of maintainable complaints from the banks aga
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FAQ :
The framework aims to strengthen and improve the efficacy of the grievance redress mechanism in banks, providing greater insight into complaint volumes, nature, and redressal quality.
The framework includes enhanced disclosures on complaints by banks, recovery of redress costs from banks with excessive complaints, and intensive RBI review of banks with persistent issues.
No, the redress of complaints will continue to be cost-free for bank customers and the general public.
The framework will come into effect from the date of the circular.
The RBI intends to promote satisfactory customer outcomes, improve customer confidence, and identify remedial steps for banks facing ongoing issues with their grievance redressal.
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