Complaints made to banking ombudsman from customers increase 25% in FY2017-18

The number of complaints registered at banking ombudsman offices have seen a 25% increase in the fiscal year 2018, with majority of these complaints coming from urban centres owing to increased awareness and poor internal redressal mechanisms of banks, according to the Economic Times.
 
"The banking ombudsman offices in tier-1 cities like New Delhi, Mumbai, Chennai, Kolkata, Bengaluru and Hyderabad accounted for more than 57% of the total complaints received by all BO offices," the RBI (Reserve Bank of India) Report on Trend and Progress of Banking in India has stated.
 
"The higher proportion of complaints from urban areas in recent years is largely due to increasing awareness about grievance redressal mechanism among bank customers and also the efficacy of internal grievance redressal mechanism in banks, not being up to the desired level," the report pointed out.
 
Of all the complaints received at the ombudsman's offices, 97% of them were resolved in 2017-18, up from 92% a year earlier.
 
The RBI plans to set up a compliance and tracking system portal to tackle the problem of cyber-fraud under the ombudsman scheme taking in light the growing impetus of banks and financial institutions on digital transactions and the Centre's push to a less cash economy.
 

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