Speaking at the Reserve Bank of India Ombudsman’s annual conference, Das said that the authority needs to do more to further reduce the turnaround time without compromising on the quality of our resolution.
“There is a need for a fair and thorough assessment of the facts and evidence of a case to ensure a fair resolution. While we encourage our regulated entities to excelWe should also match their efforts and ensure timely and equitable resolution.”
The Banking Ombudsman is a senior officer who resolves customer complaints against deficiencies in banking services.
Das said that apart from ensuring fair and speedy resolution of customer complaints RBI Ombudsman and regulated entities should consistently identify the root causes of customer complaints and take necessary systemic measures to rectify them.
“As the financial landscape evolves and transforms, the underlying principles for good customer service and customer protection namely transparency, fair pricing, honest dealing, responsible business conduct, protection of consumer data and privacy, etc., remain relevant. Together, We can all make a difference for our customers,” he said.
Separately, Das also said that the incidents of phishing, vishing, fake links and payment fraud through websites, remote access apps etc. are also a cause of concern, but many complaints arise because customers are either using the products or not. struggle or misuse them or seek help from strangers resulting in fraud and loss.
For this, customer education and awareness is central to protect the rights of customers as well as protect them from digital frauds and frauds, he said.
“Regulated entities can do their bit by designing customer friendly interfaces, improving fraud detection mechanisms as well as taking measures to increase customer awareness. Regulated entities have taken initiatives in these areas; they need to do more Is.”