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Friday, February 26, 2021

‘Card, electronic banking issues top plaints list’

Their share in the total complaints received in 2019-20 was 21.97 per cent and 13.38 per cent, respectively, while the share of complaints relating to non-observance of FPC stood at 11.73 per cent, the report said.

By: ENS Economic Bureau | Mumbai |
February 10, 2021 3:23:43 am
As per the RBI report, complaints received on grounds of credit cards, failure to meet commitments, levy of charges without notice, loans and advances and non-adherence to the Banking Codes and Standards Board of India Codes increased this year.

Complaints related to ATM and debit cards and mobile/ electronic banking overtook those pertaining to non-observance of Fair Practices Code (FPC) as the major grounds of complaints during the year, according to the Annual Report of the RBI’s Banking Ombudsman Scheme.

Their share in the total complaints received in 2019-20 was 21.97 per cent and 13.38 per cent, respectively, while the share of complaints relating to non-observance of FPC stood at 11.73 per cent, the report said. The figures against these grounds during the previous year were 18.65 per cent, 7.55 per cent and 19.17 per cent, respectively. As per the report, complaints received on grounds relating to credit cards, failure to meet commitments, levy of charges without notice, loans and advances and non-adherence to the Banking Codes and Standards Board of India Codes increased this year when compared to the previous year. The number of complaints pertaining to ‘Direct Sales Agent and recovery agents’ rose from 629 complaints in 2018-19 to 1,406 complaints this year, it said.

“Of the total maintainable complaints, the share of complaints resolved by agreement i.e. through intervention of Office of the Banking Ombudsman, mediation and conciliation increased from 69.88 per cent in 2018-19 to 72.35 per cent in 2019-20,” it said.

Complaints received at Ombudsman Scheme for Digital Transactions rose from 470 in the five months of operation in 2018-19 to 2,481 in 2019-20, of which 99.4 per cent were received via electronic means, the report said.

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