COMPLAINT MANAGEMENT SYSTEM (CMS) BY RBI

COMPLAINT MANAGEMENT SYSTEM (CMS) BY RBI 

What is it? Launched by the Reserve Bank of India (RBI), the Complaint Management System (CMS) is a software application to facilitate RBI’s grievance redressal process. 
Aim: to improve customer experience in timely redressal of grievances. 
 How it works?
Customers can lodge complaints against any regulated entity with public interface such as commercial banks, urban cooperative banks, Non-Banking Financial Companies (NBFCs). 
The complaint would be directed to the appropriate office of the Ombudsman/Regional Office of the RBI. 
 Benefits:
The application improves transparency by keeping the complainants informed through auto-generated acknowledgements and enabling them to track the status of their complaints and file appeals online against the decisions of the Ombudsmen, where applicable.
Complainants can also voluntarily share feedback on their experience in obtaining redressal. 
 Need:
Sustaining the confidence of consumers in banks and other financial service providers (FSPs) through prompt and effective grievance redressal, together with empowering customers through education is pivotal for maintaining trust in the banking system.

Comments

Post a Comment

Popular posts from this blog

Russia Launches Spektr-RG

Context :  Spektr-RG  is a Russian–German high-energy astrophysics space observatory launched recently. It follows on from the Spektr-R satellite telescope launched in 2011.   About Spektr- RG: The  Spektrum-Röntgen-Gamma mission , also known as  Spektr-RG , is a joint  project between the Russian space agency, Roscosmos, and the German space agency, DLR .  Position : Spektr-RG will be placed in a stable orbit in space called  a Lagrange point (specifically, L2) , where the gravitational forces of two large objects — in this case, the sun and the Earth — balance each other out. This location will allow Spektr-RG to perform its observations while using a minimal amount of fuel. Objectives : The spacecraft is expected to detect 100,000 galaxy clusters, 3 million supermassive black holes, tens of thousands of star-forming galaxies, the presence of plasma (superheated gas) and many more types of obje...
Read more

Pink coaches introduced for women by the Northeast Frontier Railway zone

Image
30 July 2019 Current Affairs:  Indian Railways Northeast Frontier Railway zone  started an initiative to bring a special portion of the SLR coach with pink colour.  It is mainly introduced in order to bring women passengers with better safety and security. This special colour will help the  women passenger  to easily  identify the coach  in rush hours. Around eight trains in Rangiya division of the Northeast Frontier Railway has begun operations with some pink coaches. The section 58 of the Railways Act, 1989 provides for earmarking of accommodation for female passengers in trains.  Indian Railways planned to provide second class accommodation for women in the second Class-cum-Luggage-cum Guard’s Coach (SLR) . SLR coaches with especially Pink colored portion for lady passengers were placed into operation by the Rangiya Division of NFR in passenger trains bearing number 55817 / 55818, 55803 / 55804 and 55809 / 55810  They are operated bet...
Read more

Union Budget 2019-20: Bucks for the banks

CONTEXT The maiden budget of Nirmala Sitharaman has many interesting features, but it does not have a defining central theme. There were expectations of a big growth push through either tax cuts or large expenditure programmes even if it meant a rise in the fiscal deficit. But the Finance Minister has chosen to be fiscally conservative, opting to play the long-term game, though it could lead to pain in the short term. Infusion in the banking sector The only indulgence she has permitted herself is a big ₹70,000 crore capital infusion in banks that will, it is hoped, spur lending to growth sectors in the economy. Also, quite notably, the budget has sought to address the problems that have plagued the non-banking finance companies space over the last few months and the consequent credit freeze and loss of confidence in the market. Ms. Sitharaman has comprehensively addressed the important issues of liquidity, solvency and poor governance in the NBFC sector. She has made availa...
Read more