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Enhanced disclosures on customer complaints and operationalisation of a cost-recovery framework have been prescribed by the RBI to strengthen and improve the efficacy of the grievance redress mechanism of banks.
Further, the central bank will undertake intensive review of the grievance redress mechanism of banks having persisting issues. Based on the review, a remedial action plan will be formulated and formally communicated to the banks for implementation within a specific time frame.
RBI said it will operationalise the cost-recovery framework for banks, whereby the cost of redress of maintainable complaints will be recovered from the banks against whom the number of complaints received in OBOs are in excess of their peer group averages.
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