From UPSC perspective, the following things are important :
Prelims level : RBI CMS
Mains level : Customer awareness measures by RBI
- The RBI has launched a Complaint Management System (CMS) by providing a single window on Reserve Bank’s website for lodging complaints against any regulated entity.
Complaint Management System
- Members of public can access the CMS portal at the central bank’s website to lodge their complaints against any of the entities regulated by RBI.
- CMS provides auto-generated acknowledgements and enabling them to track the status of their complaints and file appeals online against the decisions of Ombudsmen, where applicable.
- Complainants can voluntarily share feedback on their experience in obtaining redressal.
- CMS can generate various reports for monitoring and managing complaints pertaining to each entity.
- The CMS has self-help material (in video format) to guide the users of the portal; videos on safe banking practices; and on the regulatory initiatives of RBI.
Resolution under CMS
- CMS facilitates the regulated entities to resolve customer complaints received through CMS by providing seamless access to their Principal Nodal Officers/Nodal Officers.
- The complaint would be directed to the appropriate Office of the Ombudsman/ Regional Office of the RBI.
- The benefit to the financial system will accrue from seamless access of CMS to the nodal officers of banks and financial service providers (FSPs).
- Customer awareness is an enabling tool for strengthening customer protection.
- An alert and aware customer can effectively guard against the risks of mis-selling, cheating, frauds and such other threats.