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Framework for Strengthening Grievance Redress Mechanism in Banks--RBI

Published on January 31, 2021
Current Context: The Reserve Bank of India (RBI) announced the framework for strengthening the grievance redress mechanism in banks.
Framework for Strengthening Grievance Redress Mechanism in Banks--RBI
  • It is also launched with an aim to address the complaints lodged by customers in a time-bound manner.
  • The framework is based on to having enhanced disclosure of the complaints to be made by the banks, recovery of the cost of redress of maintainable complaints from the banks against whom the number of complaints received in the Offices of Banking Ombudsman (OBOs) which are in excess of their peer group averages.
  • The RBI also drafted this framework to have a review of these grievance redress mechanism by itself.
  • The framework will lead to having deep insight into the number of complaints and their nature received by the banks.
  • It will also help in having a track on the turnaround time of complaint redressal and thus to provide satisfactory customer service and increase the trust of customers on banking systems.
  • The framework will also help to identify the steps taken by the banks to address the complaints.
  • Static Part: 
    • HQ of RBI: Mumbai
    • Governor of RBI: Shaktikanta Das

Question: 

Q.1 Which organisation released the framework for strengthening grievance redress mechanism in banks?
a. Insurance Regulatory and Development Authority of India
b. NITI Aayog
c. Securities and Exchange Board of India
d. Reserve Bank of India

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