The ombudsman should be sensitive while the redressal of customer complaints. The RBI Ombudsman and Regulated Entities (REs) must first identify the root causes of persistent customer complaints. Then necessary systemic measures should be taken to fix it. In addition, the RE and RBI Ombudsman should be impartial and prompt in resolving customer complaints.
RBI Governor Shaktikanta Das made this appeal in the annual conference of the RBI Ombudsman held in Jodhpur recently. According to Das, complaints of wrong selling, lack of transparency in pricing, unreasonable service charges, exorbitant fines, etc., are constantly coming in. There was also a concern that a large number of complaints were about traditional banking.
There is thus a need for a serious review of the functioning of the customer service and grievance redressal mechanisms in regulated entities. The Governor said that there is a need to analyze the root cause of the persistence of such complaints and take necessary corrective measures. agency
For the first time in 6 years, RBI will tell why inflation is not coming down
For the first time since the formation of the Monetary Policy Committee (MPC) six years ago, the Reserve Bank of India (RBI) will prepare a report and submit it to the government on the failure to keep the inflation rate within the prescribed range for nine consecutive months. The MPC was set up in 2016 as a systematic framework for monetary policy formulation. Since then, it decides the policy interest rates.
Section 45ZN of the RBI Act provides that in case the inflation rate remains above the prescribed level for three consecutive quarters i.e. 9 consecutive months, the central bank will have to submit a report to the government about its failure. Because of the current level of inflation, RBI has called a special meeting of the MPC on 3 November, in which the report to be submitted to the government will be prepared. Since January this year, the inflation rate has remained consistently above 6%.
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