Money & Banking

RBI develops escalation matrix for redressal of complaints of SGB investors

Our Bureau Mumbai | Updated on September 10, 2021

The nodal officer of the Receiving Office will be the first point of contact for attending to the queries/complaints

The Reserve Bank of India (RBI) has drawn up an escalation matrix for redressal of customer complaints of investors of Sovereign Gold Bond (SGB).

The central bank said nodal officer/s of the Receiving Office (RO), which include public sector banks and some private sector banks, will be the first point of contact for attending to the queries/complaints of their customers.

In case the issue is unresolved, an escalation matrix at the ROs will be used to resolve customer grievance.

“The investor may approach Reserve Bank of India at if no reply is received from the RO within a period of one month of lodging the complaint or the investor is not satisfied with the response of the RO,” RBI said in a statement.

SGBs are government securities denominated in grams of gold. They are substitutes for holding physical gold.

Investors have to pay the issue price in cash and the bonds are redeemed in cash on maturity. The bond is issued by RBI on behalf of the Union government.

Published on September 09, 2021

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