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Policy Update: Launch of Complaint Management System by RBI

08.07.2019

Context

In a move aimed at improving its grievance redressal process, the Reserve Bank of India (RBI) launched a Complaint Management System (CMS) portal on 24 June. The portal acts as a single window for lodging complaints against any RBI regulated entity, such as commercial banks, urban co-operative banks, non-banking financial companies (NBFCs), etc. All complaints lodged on the CMS is directed to the appropriate office of the ombudsman/regional office of the RBI.

Key highlights

  1. Single window for online filing of complaints against any RBI regulated entity, including banks and NBFCs.
  2. CMS has self-help material (in video format) to guide the users of the portal; videos on safe banking practices; and on the regulatory initiatives of RBI.
  3. It provides features such as acknowledgement through SMS/e-mail notification(s), status tracking through unique registration number, receipt of closure advises and filing of appeals, where applicable
  4. It facilitates the regulated entities to resolve customer complaints received through CMS by providing seamless access to their principal nodal officers/nodal officers.
  5. It provides facilities for generation of a diverse set of reports to monitor and manage grievances by the regulated entities. They can use the information from CMS for undertaking root cause analyses and initiating appropriate corrective action, if required.
  6. The CMS also has facilities for RBI officials handling the complaints to track the progress of redressal.
  7. The information available in CMS could also be used for regulatory and supervisory interventions, if required.
  8. Digital processing of complaints received in the offices of Banking Ombudsman (BO) and Consumer Education and Protection Cells (CEPCs) of RBI.
  9. It also solicits voluntary feedback on the customer’s experience.

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