New Delhi [India], December 2: The Union Finance Ministry announced on Tuesday plans to upgrade the Complaint Management System at the Reserve Bank of India (RBI), incorporating advanced features and AI-enabled tools aimed at enhancing the efficiency of complaint handling. This initiative was disclosed by the Minister of State for Finance, Pankaj Chaudhary, during an unstarred question session in the Rajya Sabha.
Chaudhary stated that the complaint resolution process is being refined through revisions to the Reserve Bank-Integrated Ombudsman Scheme (RB-IOS). To bolster the capabilities of Ombudsman staff, the RBI has developed comprehensive training modules and organized hands-on workshops focused on effective complaint management. The central bank is also conducting internal assessments of staff requirements to ensure optimal performance.
“These initiatives will help improve operational efficiency and reduce delays in complaint resolution,” Chaudhary noted, addressing concerns raised by Rajya Sabha member S. Niranjan Reddy regarding the escalating delays in resolving complaints under the RB-IOS. Reddy pointed out that the average turnaround time (TAT) for addressing complaints related to unauthorized digital payment transactions has surged from 36.3 days in FY 2022-23 to 68.3 days in FY 2024-25.
In his response, Chaudhary attributed the increased turnaround time to a rising volume of complaints and the growing complexity of cases, particularly those involving multiple parties. “These complaints require a detailed examination of the records of accounts of both the complainant and beneficiary(s). Additionally, due process requirements, including adherence to the principles of natural justice, sharing information among all parties, and providing personal hearings, also contribute to longer resolution timelines,” he explained.
The RBI emphasized the need for these upgrades in its recently released Integrated Ombudsman Scheme Annual Report for FY 2024-25. The report pointed to an expanding digital complaint footprint and improved disposal efficiency, alongside a rise in consumer concerns involving loans, credit cards, and digital fraud.
Significantly, the RBI recorded an increase in consumer grievances, with a total of 13.34 lakh complaints filed during FY 2024-25, marking a 13.55% rise from the previous fiscal year. The central bank’s focus on integrating advanced complaint management tools reflects its commitment to addressing the growing consumer demand for efficient resolution processes.
As digital transactions continue to proliferate in India, the RBI’s proactive measures may prove crucial in maintaining consumer confidence and ensuring fair practices within the banking sector. Enhanced complaint management not only stands to benefit consumers but may also help financial institutions navigate the complexities of digital finance more effectively in a rapidly evolving landscape.
See also
Airwallex Reveals AI Automation Boosting Finance Team Efficiency by 30%
FCA Launches AI Live Testing Scheme with NatWest and Santander to Enhance Financial Services
AI in Finance Market Surges to $65.2 Billion by 2033, Driven by Major Players like JPMorgan and Visa
BlackRock Signals Pro-Risk Stance, Emphasizes AI’s Role in 2026 Financial Outlook
AI Transforms Trade Finance: Barclays and EY Discuss Real-World Applications and Benefits
