Banks to insurers: Using the ombudsman system to get complaints resolved

A guide to how banks, insurers, brokers and tax officials are supposed to listen to you

Consumer complaints to the Reserve Bank of India (RBI) rose to 703,000 in 2022-23, up 68 per cent over the previous year, according to a recent report by the banking ombudsman. The RBI ombudsman addresses complaints regarding deficiencies in 

banking services.
 

Markets regulator Securities and Exchange Board of India (Sebi) discontinued its ombudsman in July 2023. “In its place, Sebi has introduced an online complaint system called ‘SCORES’ (Sebi Complaints Redress System), where complaints can be filed against securities market players, companies, intermediaries, and market infrastructure institutions,” says Vidhan Vyas, founder, Vyas Legal.

 

Banking
 

A complainant cannot initiate the grievance