RBI: Ombudsman settles 95 percent of complaints he received in FY24, central bank informs

New Delhi| The Reserve Bank of India (RBI) reported that their ombudsman disposed of 95.1 per cent of complaints received in one year (April 1, 2023 to March 31, 2024). According to the central bank, under the Integrated Ombudsman Scheme (RB-IOS), a total of 9,34,355 complaints had been received by the Reserve Bank of India’s Ombudsman Office ORBIO and the Centralized Receiving and Processing Centre (CrPC). This has been said in the annual report of Lokpal Scheme.

“A total of 2,84,355 complaints were handled by ORBIO during the year”, RBI has said. The settlement rate remained at 95.10 percent.” Of the total complaints received at ORBIO, 88.77 per cent came through digital means, including through the Online Complaints Management System (CMS) portal, email and the Centralized Public Grievance Redressal and Monitoring System (CPGRAMS). Individuals accounted for the highest share of total complaints in fiscal year 2023-24 at 2,56,527 (87.27 percent).

Complaints against banks and NBFCs accounted for 82.28 per cent and 14.53 per cent of the total complaints, respectively. Loans and advances were the largest category (29.01 per cent) under which complaints were received. Over the course of a year, the Appellate Authority received 82 appeals against the decisions of the RBI Ombudsman, of which 72 appeals were from complainants and 10 appeals from regulated entities (REs).