Prelims level : Banking Mains level : Indian Economy and Issues Relating to Planning, Mobilization of Resources, Growth, Development and Employment
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  • The Reserve Bank of India, launched a ‘Complaint Management System (CMS)’, which will enable members of the public to lodge their complaints on its website against any of the regulated entities with public interface such as commercial banks, urban co-operative banks, and non-banking financial companies, among others.
  • The system will be accessible on desktop as well as on mobile devices.
  • Provides features such as acknowledgement through SMS/e-mail notification(s), status tracking through unique registration number, receipt of closure advises, and filing of appeals, where applicable.
  • It also solicits voluntary feedback on the customer’s experience.
  • Insights from the data available from CMS can, for example, be used by banks/FSPs for designing products, which meet the expectations of their customers.
  • Data from CMS can be leveraged by the RBI for analytics, which can be used for regulatory and supervisory interventions, if required.
  • Various dashboards provided in the application will help the central bank effectively track the progress in redressal of complaints.
  • With the launch of the CMS, the processing of complaints received at the offices of the Ombudsman and Consumer Education and Protection Cells (CEPCs) of the RBI has been digitalised.
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