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RBI unveils online portal for filing grievances
Why is it in the news?
- The Reserve Bank of India launched an application for lodging complaints against banks and NBFCs with a view to improve customer experience in timely redressal of grievances.
- The Complaint Management System (CMS) is a software application to facilitate RBI's grievance redressal process.
More in the news
- CMS will be accessible on desktops as well as on mobile devices.
- The RBI also plans to introduce a dedicated Interactive Voice Response (IVR) System for tracking the status of complaints.
- The complaint would be directed to the appropriate office of the Ombudsman/Regional Office of the RBI.
- CMS provides features such as acknowledgement through SMS and email notification, status tracking through unique registration number.
- Data from CMS can be leveraged by the RBI for analytics, which can be used for regulatory and supervisory interventions.