RBI Deputy Governor M Rajeshwar Rao emphasized the importance of banks taking customer complaints seriously and using them as feedback to enhance their processes and products.
Speaking at the BFSI Summit in Mumbai today, Mr Rao pointed out that the RBI continues to observe instances of slow response times to customer queries and complaints, extended wait times on customer service hotlines, and delayed email responses, which contribute to customer dissatisfaction. Moreover, complaints have been received about misleading sales practices or aggressive tactics that coerce customers into purchasing products they may not need or fully understand.
Mr Rao highlighted that complicated procedures for closing accounts, along with unclear requirements and documentation, further frustrate customers, underscoring the necessity for a compassionate approach in addressing customer grievances. Mr Rao further asked banks to prepare and plan to support India’s growth story.