RBI Deputy Governor Swaminathan J has urged Internal Ombudsmen (IOs) to focus on identifying recurring issues and improving customer complaint resolution across financial institutions.
Speaking at the annual Internal Ombudsmen Conference, he emphasized the need for fair, effective, and meaningful resolution of complaints. He also highlighted the importance of root-cause analysis and implementing corrective measures to prevent repeated issues.
Swaminathan J noted that a strong IO system should help reduce complaints escalating outside the organization. He further advised boards and senior management to empower IOs and use their insights to enhance customer service and grievance redressal systems.
The conference saw participation from IOs of banks, NBFCs, credit information companies (CICs), along with senior officials including MDs, CEOs, RBI ombudsmen, and other regulators. Discussions focused on improving the speed, quality, and effectiveness of complaint resolution, while addressing system-level gaps. RBI Executive Director Sonali Sen Gupta also interacted with participants to explore ways to strengthen the IO framework.
As per RBI data under the Integrated Ombudsman Scheme (RB-IOS), total complaints rose by 13.55% to 1.33 million in FY25, compared to 1.18 million in FY24.
- Private sector banks: 111,119 complaints
- Public sector banks: 103,117 complaints
The Office of the RBI Ombudsman (ORBIO) received around 296,000 complaints, with:
- Banks: 81.53% share (242,000 complaints)
- NBFCs: 14.80% share (43,864 complaints)
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