Consumer Grievances on the Rise

According to the Reserve Bank of India's annual report on the Integrated Ombudsman Scheme, there has been a significant 43% increase in complaints related to loans and advances. This category now represents the largest share of grievances against entities regulated by the RBI.

Other Notable Trends

Complaints about mobile and internet banking followed, with 57,242 cases, accounting for 19.8% of the total. There was also a sharp 34.5% increase in grievances linked to deposit accounts, reaching 46,358 complaints during the year. However, the growing adoption of UPI led to a 15% drop in complaints related to ATMs and debit cards.

Resolution and Costs

The ombudsman disposed of 1.9 lakh maintainable complaints, with 57.1% resolved through mutual agreement. The average cost of handling a complaint decreased to Rs. 1,732 from Rs. 2,041 in the previous year, indicating an improvement in efficiency and grievance redressal mechanisms at the bank level.