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Issues related to cards, net banking, fair practices top complaint grounds at banking ombudsman: RBI

Issues related to ATM/ debit cards, cell/ digital banking, bank cards, failure to meet commitments and non-observance of fair practices code have been the top-five grounds of complaints acquired at the Office of Banking Ombudsman (OBO) throughout July 2020-March 2021, mentioned an RBI report on Wednesday. The Reserve Bank of India (RBI) has launched the Annual Report of the Ombudsman Schemes for the 12 months 2020-21, which has been ready for the nine-month interval from July 1, 2020, to March 31, 2021, in alignment with the change within the monetary 12 months of the RBI from ‘July-June’ to ‘April-March’ with impact from July 1, 2020.

It covers the actions below the Banking Ombudsman Scheme, 2006 (BOS), the Ombudsman Scheme for Non-Banking Financial Companies, 2018 (OSNBFC), and the Ombudsman Scheme for Digital Transactions, 2019 (OSDT).

As per the report, the quantity of complaints acquired below all of the three ombudsman schemes elevated 22.27 per cent on an annualised foundation and stood at 3,03,107 through the reported interval.

The BOS accounted for 90.13 per cent of whole complaints (2,73,204) acquired below the three ombudsman schemes. The variety of complaints acquired below OSNBFC and OSDT stood at 8.89 per cent and 0.98 per cent, respectively, of the overall variety of complaints.

“Complaints related to (a) ATM/debit cards and (b) mobile/electronic banking (c) credit cards (d) failure to meet commitments and (e) non-observance of fair practices code (FPC) were the top-five grounds of complaints received at the OBOs,” it mentioned.

The shares of ATM/debit card complaints, cell/digital banking and bank card complaints to whole complaints acquired throughout July 1, 2020-March 31, 2021, stood at 17.40 per cent, 12.98 per cent and 12.36 per cent, respectively.

The corresponding share of complaints towards these grounds throughout July 1, 2019-June 30, 2020, have been 21.97 per cent, 13.38 per cent and 9.30 per cent, respectively.

It additional mentioned complaints related to bank cards, failure to meet commitments, and direct promoting brokers (DSAs) and restoration brokers elevated throughout July 1, 2020-March 31, 2021, vis-a-vis July 1, 2019, to June 30, 2020, with complaints related to DSAs and restoration brokers registering a surge of over 60.66 per cent.

Regarding the Ombudsman Scheme for Non-Banking Financial Companies (OSNBFC), the report mentioned the receipt of complaints at ONBFCOs stood at 26,957 throughout July 1, 2020-March 31, 2021, growing from 19,432 complaints acquired throughout July 1, 2019, to June 30, 2020.

“Thus, an increase of 38.72 per cent was witnessed, despite the current period being short by a quarter,” the report mentioned.

The variety of complaints acquired at the Ombudsman Scheme for Digital Transactions (OSDT) rose from 2,481 throughout July 1, 2019-June 30, 2020, to 2,946 throughout July 1, 2020-March 31, 2021.

Fund transfers/ unified funds interface (UPI)/ BBPS/ Bharat QR Code, cell/ digital fund switch and non-reversal of debit due to unsuitable beneficiary switch by system participant have been the top-3 grounds of complaints below OSDT, 2019, with the shares in whole complaints at 51.15 per cent, 22.57 per cent, and eight.18 per cent, respectively.

As per the report, the general disposal price improved to 96.59 per cent from 92.52 per cent within the earlier 12 months, regardless of the next quantity of complaints, which may be attributed to the end-to-end digitisation of complaint processing within the Complaint Management System (CMS).

Of the maintainable complaints, 72.67 per cent have been resolved by mutual settlement i.e. via the intervention of the ombudsman places of work/ conciliation/ mediation efforts.

The report mentioned through the interval below overview, the groundwork for the launch of Reserve Bank-Integrated Ombudsman Scheme 2021 (RB-IOS), together with accompanying adjustments within the CMS have been carried out.

RB-IOS, 2021 will change the three current Ombudsman Schemes: BOS, OSNBFC and OSDT.

The scheme was launched by Prime Minister Narendra Modi on November 12, 2021. It has adopted a ‘One Nation-One Ombudsman’ method, for all prospects of RBI-regulated entities. It will be sure that all prospects have one platform, one e mail and one handle to lodge, monitor and monitor their complaints anytime and from anyplace.

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