Mumbai: Reserve Bank Deputy Governor Swaminathan J on Monday asked internal ombudsmen of banks, NBFCs, and other regulated entities to provide a meaningful, fair and effective resolution of customer complaints.
Addressing the third annual conference of Internal Ombudsmen organised by the Reserve Bank of India (RBI), the deputy governor also asked the internal ombudsmen (IOs) to identify recurring issues, undertake root cause analysis and help implement remedial measures.
An effective IO mechanism should reduce external escalation, he said, and urged boards and senior management to empower the IO mechanism and use its insights to strengthen customer service and grievance redress.