RBI introduces 'Complaint Management System'

Reserve Bank of India (RBI) Governor Shaktikanta Das on Monday launched "Complaint Management System (CMS)", a software application to facilitate RBI's grievance redressal processes.

Members of public can access the CMS portal at the central bank's website to lodge their complaints against any of the entities regulated by RBI.

"Keeping the convenience of the customers in mind, CMS has been designed to enable on-line filing of complaints. It provides features such as acknowledgement through SMS/Email notification(s), status tracking through unique registration number, receipt of closure advises and filing of Appeals, where applicable. It also solicits voluntary feedback on the customer's experience," a statement by RBI said.

The 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.

"This system facilitates the regulated entities to resolve customer complaints received through CMS by providing seamless access to their Principal Nodal Officers/Nodal Officers. The system 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," the statement added.

The CMS also has facilities for RBI officials handling the complaints to track the progress of redressal. The information available in CMS could also be used for regulatory and supervisory interventions, if required.

With this launch, the processing of complaints received in the offices of Banking Ombudsman (BO) and Consumer Education and Protection Cells (CEPCs) of RBI has now been digitalized.Speaking about the the Complaint Management System, Shaktikanta Das said that the application "symbolizes RBI's commitment to improve customer experience in grievance redressal process by ensuring timely resolution of complaints received at the Reserve Bank."

"I take this opportunity to seek the co-operation of all RBI regulated entities with public interface such as commercial banks, Urban Co-operative banks, Non-Banking Financial Companies (NBFCs), etc. in resolving customer complaints in a speedy and meaningful manner to promote public confidence in the financial system. 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," he said.

Das shared that the "CMS envisages improved customer convenience by providing a single window on Reserve Bank's website for lodging complaints against any regulated entity. The complaint would be directed to the appropriate Office of the Ombudsman/Regional Office of the RBI. The application also 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. Further, complainants can also voluntarily share feedback on their experience in obtaining redressal."

He shared that CMS will be accessible on desktop as well as on mobile devices.

"The Reserve Bank also plans to introduce a dedicated Interactive Voice Response (IVR) System for tracking the status of complaints. I am sure, with time, the customer-friendly nature of the CMS will be further enhanced," he added.

Das said that "an alert and aware customer can effectively guard against the risks of mis-selling, cheating, frauds and such other threats."

"In our endeavor to spread awareness, we have placed on the CMS portal, videos with young role-models, including sportspersons, on safe banking practices and other important customer-centric regulatory initiatives of the Reserve Bank of India," Das said.

"The benefit to the financial system will accrue from seamless access of CMS to the Nodal Officers of banks / Financial Service Providers (FSPs). CMS can generate various reports for monitoring and managing complaints pertaining to each entity. I expect banks/FSPs to use the data on CMS not only for reducing their Turn Around Time in resolution of complaints and strengthening their grievance redressal mechanism but also for undertaking root cause analyses with an objective of understanding their customer pain areas, behaviour and expectations so as to improve their services for maintaining customer loyalty," he added.

Das shared that data from CMS can be leveraged by the Reserve Bank for analytics which can be used for regulatory and supervisory interventions, if required.

"Various dashboards provided in the application will help Reserve Bank to effectively track the progress in redressal of complaints. With the launch of CMS, the processing of complaints received in the offices of Ombudsman and Consumer Education and Protection Cells (CEPCs) of the Reserve Bank has been digitalized. I urge the banks/FSPs to utilize the potential of CMS to the fullest," he said.