Customer Complaints should be communicated in 30 days: RBI IO for RE Directions, 2023

Current Context: As per the Master Direction - RBI (Internal Ombudsman for Regulated Entities) Directions, 2023 issued by the Reserve Bank of India (RBI), customer complaints filed with any regulated entity (RE) must be communicated within 30 days of receipt.

• This applies to:
• Banks: All commercial banks, cooperative banks, and small finance banks.
• NBFCs: Non-banking financial companies, including housing finance companies, microfinance institutions, and investment companies.
• Non-bank System Participants: Entities involved in payment systems, financial markets, and other RBI-regulated activities.
• Credit Information Companies: CICs responsible for collecting and maintaining credit information about individuals and businesses.
• This mandate emphasizes the RBI's focus on improving consumer grievance redressal within regulated entities and enhancing customer service standards.

Question:

Q.1 As per the Master Direction - RBI (Internal Ombudsman for Regulated Entities) Directions, 2023, what is the maximum timeframe for regulated entities to communicate the final decision on a customer complaint?
a. 15 days
b. 30 days
c. 60 days
d. 90 days