Topic : RBI launched new complaints portal
Topic in Syllabus: Indian Economy
The Reserve Bank of India Governor Shaktikanta Das has launched a Complaint Management System (CMS) for lodging complaints against banks and NBFCs (Non-Banking Financial Companies) on its website
The online portal aims at improving customer experience in timely redressal of grievances.
Complaint Management System:
CMS, a software application accessible on desktop as well as on mobile devices, which designed to file complains online and it sends acknowledgment receipts directly to the customers’ mobile numbers.
The public can use the portal (https://cms.rbi.org.in), to lodge complaints against any regulated entity with a public interface such as commercial banks, urban cooperative banks, Non-Banking Financial Companies (NBFCs) which would be directed to the appropriate office of the Ombudsman/Regional Office of the RBI.
RBI also plans to introduce a dedicated Interactive Voice Response (IVR) system for tracking the status of complaints.
The processing of complaints has been digitalized with the launch of CMS in the offices of Banking Ombudsman (BO) and Consumer Education and Protection Cells (CEPCs) of RBI.
- The application improves transparency by keeping the complainants informed through auto-generated acknowledgements and enabling them to track the status of their complaints and file appeals online against the decisions of the Ombudsmen, where applicable.
- Complainants can also voluntarily share feedback on their experience in obtaining redressal.
Sustaining the confidence of consumers in banks and other financial service providers (FSPs) through prompt and effective grievance redressal, together with empowering customers through education is pivotal for maintaining trust in the banking system.
RBI has launched CMS system to lodge complaint against which of the following entities?
a. Urban co-operative banks
c. Commercial banks
d. All of the above