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RBI’S ANNUAL REPORT OF THE OMBUDSMAN SCHEMES FOR 2020-21

RBI’S ANNUAL REPORT OF THE OMBUDSMAN SCHEMES FOR 2020-21

Context:

On January 13, 2022, the Reserve Bank of India (RBI) released the “Annual Report of the Ombudsman Schemes for 2020-21”, highlighting the increase in Banking Ombudsman complaints.

Important report findings:

  • In April 2020-March 2021, the report saw a 22.27% increase in complaints under various ombudsman programs. The volume of complaints stands at 4,04,143.
  • Delhi, Chandigarh, and Kanpur received the highest number of complaints.
  • ATM and debit cards, mobile banking, and credit cards are a major part of the complaint.
  • Chandigarh received higher complaints. The total number of complaints stands at 28019. It covers 10.26% of total complaints.
  • Kanpur follows Chandigarh with 21,168 complaints and New Delhi with 18,767 complaints.
  • Kanpur accounts for 7.75%, and Delhi accounts for 6.87% of total complaints.

Different areas of complaint:

  • Under this scheme, the main grievance areas are ATMs or debit cards, mobile or electronic banking, and credit cards. The site collectively holds 42.74 percent of the total complaints.
  • This year, the RBI changed the reporting period to April-March.

Complaints related to credit cards, direct sales agents (DSAs), and failure to meet obligations increased between July 1, 2020, to March 31, 2021, compared to July 1, 2019, to June 30, 2020.

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