The Reserve Bank of India (RBI) released its Annual Report of the Ombudsman Scheme for 2022-23 on March 11, 2024, revealing a significant increase in consumer complaints. During fiscal year 2022-23, complaints to the Offices of the RBI Ombudsman (ORBIOs) and the Centralised Receipt and Processing Centre (CRPC) rose by 68.24% to 703,544, up from 418,184 in the previous fiscal year.
Key Insights from the Report:
- Intensified Public Awareness: Enhanced public awareness efforts and streamlined complaint processes under the Reserve Bank – Integrated Ombudsman Scheme (RB-IOS) contributed to the increase in complaint volume.
- Complaint Handling: Of the total complaints received, 468,270 were deemed non-complaints or non-maintainable and were closed by CRPC. The remaining 234,690 complaints were handled by ORBIOs.
- Banking Complaints Predominant: Complaints against banks accounted for the majority, with 196,635 complaints making up 83.78% of the total handled by the Ombudsman offices.
- Efficiency and Resolution: The disposal rate for FY23 at ORBIOs was 97.99%, with an improved average turnaround time of 33 days compared to 44 days in FY22.
- Resolution Methods: More than half of the complaints (57.48%) were resolved through mutual agreement, conciliation, or mediation.
- Geographical Distribution: Chandigarh, NCT of Delhi, Haryana, Rajasthan, and Gujarat saw the highest number of complaints, whereas northeastern states like Mizoram, Nagaland, Meghalaya, Manipur, and Arunachal Pradesh reported the fewest.
About the RB-IOS, 2021:
- Integration of Schemes: The RB-IOS, introduced in November 2021, consolidates three previous ombudsman schemes covering banking, non-banking financial companies (NBFCs), and digital transactions.
- Wide Coverage: It includes all commercial banks, NBFCs, payment system participants, most primary (urban) cooperative banks, and credit information companies, simplifying the grievance redressal process for consumers.
The report underscores the effectiveness of RBI’s integrated approach to handling customer complaints across the financial sector, demonstrating improvements in processing and resolution times amidst a surge in complaint volumes.
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