Do you have grievances with any NBFC or bank? This is how to resolve it

Do you have grievances with any NBFC or bank? This is how to resolve it

Do you have grievances with any NBFC or bank? This is how to resolve it

The first step for a disgruntled consumer is to submit a formal complaint to a regulated entity (RE), such a bank or non-banking financing organization. The RE's internal ombudsman receives the complaint automatically if it is denied by the RE. The consumer might then seek recourse from the RBI Ombudsman if he so chooses.

Customers have many levels of redress because of the RBI's Integrated Ombudsman Scheme and its Internal Ombudsman Guidelines for Regulated Entities.

There is assistance available if you are unhappy with the service provided by any bank or other RBI-regulated organizations, including non-banking financing firms, payment system participants (who enable payments via RTGS, UPI, NEFT, and other channels), or credit information providers. accessible.

Customers have many levels of redress because of the RBI's Integrated Ombudsman Scheme and its Internal Ombudsman Guidelines for Regulated Entities.

To guarantee consistency and ease of use for customers, the Center combined the three RBI Ombudsman Schemes into one integrated program in November 2021. Exactly one month before, on December 29, the regulator had updated and combined the internal ombudsman programs for regulated businesses into a single, unified program.

Every regulated company appoints an Internal Ombudsman (IO), who serves as the first point of grievance resolution before a customer contacts the RBI Ombudsman.

According to the most recent RBI statistics, the RBI Ombudsman received almost 3 lakh complaints for the fiscal year 2021–2022. Out of all of these, complaints against banks accounted for the largest percentage (88%), followed by complaints against NBFCs (11%).

For the fiscal year 2021–2022, the total complaint disposal rate was very nearly 98 percent.

Where to begin

To begin, get in touch with the appropriate organization, such a bank. Your complaint is immediately transmitted to the bank's IO if it is partly or entirely rejected by the bank.

A regulated entity may also designate more than one IO and one or more Deputy IOs, depending on the amount of complaints. Regulations for their appointment have been set by RBI.

What's going to happen next

You have the option to contact the RBI Ombudsman, a senior RBI official designated for this purpose, if you are dissatisfied with the IO's decision. A regulated entity may register a complaint for any kind of service defect, with certain specific restrictions.

Be aware that you are only eligible to contact the RBI Ombudsman if you have previously filed a written complaint with the regulated entity (RE) and one of the following situations occurs: After you filed your complaint, 30 days have passed and the RE has not replied. Is or has it been rejected? complaint in whole or in part, if you're not happy with the answer you received.

Go to https://cms.rbi.org.in to file an online complaint with the RBI Ombudsman. There are thorough instructions (a video) on the process available. Your complaint may be sent in the required manner by email to crpc@rbi.org.in or in person to the Reserve Bank of India's "Centralized Receipt and Processing Centre," located at 4th Floor, Sector 17, Chandigarh - 160017.

The progression of your complaint with the RBI Ombudsman is outlined.

Recall that there are no costs or expenses associated with bringing a complaint to the attention of the RBI Ombudsman.

It should be noted that the RBI Ombudsman would only consider complaints if the requested compensation is for no more than Rs 20 lakh (the value of the contested transaction is not limited). In addition, Lokpal has the authority to compensate victims of harassment, mental suffering, etc. for up to Rs 1 lakh.