Daijiworld Media Network - Mumbai

Mumbai, Jul 14: The Reserve Bank of India (RBI) on Tuesday organised the third annual conference of Internal Ombudsmen in Mumbai, bringing together representatives from banks, non-banking financial companies (NBFCs), credit information companies and RBI Ombudsmen to discuss measures for strengthening customer grievance redress mechanisms.

Addressing the gathering, RBI Deputy Governor Swaminathan J. called on the boards and senior management of financial institutions to build an effective Internal Ombudsman (IO) mechanism and utilise its insights to enhance customer service and grievance resolution.

He urged Internal Ombudsmen to ensure meaningful, fair and effective resolution of customer complaints while identifying recurring issues, conducting root cause analysis and helping implement corrective measures to prevent similar grievances.

The conference featured discussions on recent developments in grievance redress, regulatory expectations and insights from the RBI Ombudsman framework.

Participants also deliberated on improving the speed and quality of complaint resolution and introducing systemic improvements to prevent avoidable escalations in customer grievances.