He suggested that there should be at least two levels for grievance redressal in large REs, with unresolved grievances getting escalated from a lower to a higher level.“The highest level should be at a fairly high rank.
The number of complaints processed at the Office of the RBI Ombudsman increased by 25 per cent, from about 2,35,000 in 2022-23 to almost 2,94,000 in 2023-24.“Not only are a large number of complaints getting escalated, but a significant proportion—nearly 57 per cent of the maintainable complaints last year—required mediation or formal intervention by the RBI Ombudsmen.
He also asked regulated entities to review their grievance redressal systems.“Improving systems to reduce grievances is important, but setting up a robust grievance redressal system is equally important for all regulated entities.
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