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Complaint Management System (CMS) by RBI 

Topics covered:

  1. Important aspects of governance, transparency and accountability, e-governance- applications, models, successes, limitations, and potential.

 

Complaint Management System (CMS) by RBI 

 

What to study?

For prelims and mains: CMS- need for, features and significance.

 

What is it? Launched by the Reserve Bank of India (RBI), the Complaint Management System (CMS) is a software application to facilitate RBI’s grievance redressal process

Aim: to improve customer experience in timely redressal of grievances. 

 

How it works?

Customers can lodge complaints against any regulated entity with public interface such as commercial banks, urban cooperative banks, Non-Banking Financial Companies (NBFCs). 
The complaint would be directed to the appropriate office of the Ombudsman/Regional Office of the RBI. 

 

Benefits:

The application improves transparency by keeping the complainants informed through auto-generated acknowledgements and enabling them to track the status of their complaints and file appeals online against the decisions of the Ombudsmen, where applicable.

Complainants can also voluntarily share feedback on their experience in obtaining redressal. 

 

Need:

Sustaining the confidence of consumers in banks and other financial service providers (FSPs) through prompt and effective grievance redressal, together with empowering customers through education is pivotal for maintaining trust in the banking system. 

 

Sources: the Hindu.