RBI governor Sanjay Malhotra, while speaking at the annual conference of the RBI Ombudsmen has asked all the Banks and the Financial Institution to stop calling their customers repeatedly for KYC submission. The theme of the conference was Transforming Grievance Redress: The AI Advantage” and was held on 17th March 2025 in Mumbai.
Sanjay Malhotra Highlighted Points in the Conference:
– He argues banks to focus on the consumer service to maintain consumer trust.
– He asked banks to prioritise and address customer grievances for customer satisfaction. Though the banks are improving consumer services over the years, whether it is for depositing account or taking a small loan or conducting digital transaction but the the high number of customer grievances continues to be a matter of serious concern.
– The governor also emphasized that Banks should have a system where they can access a central database containing important customer information. A database where banks could easily retrieve already submitted documents (like KYC) of customers, rather than repeatedly calling customers for the same document.
Governor wants banks to improve their services and use technologies for customer ease and to prevent complaints. Governor asked all the MD & CEOs, Zonal and Regional Managers and the Branch Managers to spend some time every week, if not every day on grievance redressal.
FAQ related to Annual Conference of the RBI Ombudsmen
When is the Annual Conference of the RBI Ombudsmen held every year?
RBI organise this conference every year on or around the World Consumer Rights Day, ie 15th March.
Why World Consumer Rights Day is celebrated?
It is celebrated with the aim of raising global awareness about consumer rights and needs.
When was World Consumer Rights Day celebrated for the first time?
World Consumer Rights Day was first celebrated in 15th march, 1983 to promote consumer awareness.
Who is known as the Father of World Consumer Rights Day
President John F. Kennedy is known as the father of World Consumer Rights Day as he formally addressed consumer rights in 1962 to the US Congress and become the first leader in the wor to formally recognize consumer rights.