Consumer complaints to the Reserve Bank of India (RBI) rose to 703,000 in 202223, up 68 per cent over the previous year, according to a recent report by the banking ombudsman. The RBI ombudsman addresses complaints regarding deficiencies in banking services.
Markets regulator Securities and Exchange Board of India (Sebi) discontinued its ombudsman in July 2023. "In its place, Sebi has introduced an online complaint system called 'SCORES' (Sebi Complaints Redress System), where complaints can be filed against securities market players, companies, intermediaries, and market infrastructure institutions," says Vidhan Vyas, founder, Vyas Legal.
Banking
A complainant cannot initiate the grievance resolution process by directly approaching the bank ombudsman. "A complainant should first contact customer care, file an online complaint via email or the bank's website, or visit a branch. If the issue remains unresolved, it should be escalated to the grievance redress team," says Gaurav Aggarwal, chief product officer-credit products, Paisabazaar. If the customer care team is unable to help, contact a grievance redress officer (level 1) or a nodal officer. If it still remains unresolved, escalate the matter to the principal nodal officer.
Contact the RBI's banking ombudsman next. "Adhere to the bank's grievance redress policy. Do not skip the levels in the redress mechanism. Only if the bank deviates from its policies and no amicable resolution is provided within the pre-defined period should one reach out to the RBI ombudsman," says Aggarwal.
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