The Governor said, “In this context, it is disappointing to see the nature of some of the complaints and comments in our inspection reports. There are instances where complaints are wrongly classified as customer queries.” He further said that RBI has also found cases where rejected complaints were not referred to the internal ombudsman of banks. “I would like to urge the boards of banks and their customer service committees to consider these aspects closely, to ensure that banks have a genuine commitment to customer centricity,” he said. He also said that progress has been made in increasing consumer awareness, but there remains significant room for improvement in financial literacy, especially for marginalised, less savvy and rural populations.
Das said these groups often struggle to understand the complex financial landscape and are more vulnerable to interest rates, fraud and other unfair practices. This was the second annual conference organized by the Reserve Bank as part of its series of engagements with the Boards of Private Sector Banks. The conference was attended by more than 200 directors of private sector banks, including chairmen, managing directors and chief executive officers. Deputy Governors M Rajeswara Rao and Swaminathan J, Executive Directors representing the Department of Supervision, Regulation and Enforcement of the RBI and other senior RBI officials also participated in the conference.
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