What is RBI’s Complaint Management System?
The Reserve Bank of India (RBI) has launched Complaint Management System (CMS), on its website for facilitating RBI’s grievance redressal process.
It is a software application launched by RBI for lodging complaints against any regulated entity with public interface such as commercial banks, urban cooperative banks (UCBs), Non-Banking Financial Companies (NBFCs).
Objective: To facilitate RBI’s grievance redressal process and also to improve customer experience in timely redressal of grievances.
Need: For maintaining trust and sustaining the confidence of consumers in the banking system and other financial service providers (FSPs), prompt and effective grievance redressal mechanism together with customers empowerment through education is must.
Keeping convenience of customers in mind, RBI has designed CMS in a way to enable online filing of complaints.
Targeted Solution: Once the complaint is registered it would be directed to appropriate office of Ombudsman or Regional Office of RBI.
Transparent Procedure: The application has the feature of keeping complainants fully informed via auto-generated acknowledgements and enabling them to track status of their complaints as well as to file appeals online against the decisions of Ombudsmen, where applicable. Thus help improving transparency in system.
Tracking: The application is also provided with various dashboards which will help RBI to effectively track progress in redressal of complaints.
Feedback: Complainants can also voluntarily share feedback on their experience in obtaining redressal thus helping the service provider to further improvise its services.
Way Ahead: CMS will be accessible on desktop and on mobile devices. In future, RBI also plans to introduce a dedicated Interactive Voice Response (IVR) system for tracking status of complaints.
RBI can leverage the data from CMS for analytics purpose, which can then be used for regulatory and supervisory interventions, if required.
Month: Current Affairs - June, 2019
Category: Economy & Banking Current Affairs
Topics: Complaint Management System • Grievance Redressal Mechanism • Interactive voice response • Lodging Complaints • NBFC • Non-Banking Financial Companies • RBI • RBI CMS • RBI Complaint Management System • UCB • Urban cooperative banks