“Despite our enhanced focus on customer service and consumer protection, I am very concerned to notice that there are still persistent grievances in some specific areas like mis-selling, lack of transparency in pricing, disproportionate service charges, very high penal rates,” Das said while speaking at a public function in Jodhpur.
The Governor added that he was concerned over the high level of complaints towards strong-arm tactics used by recovery agents.
“Stories in social-media about use of strong-arm tactics by some recovery agents overshadow the good work that is being done for customer protection, both by the regulated entities like banks and non-banks and the Reserve Bank,” the governor said.
He added that despite taking several steps to mitigate these issues, they were still coming across a significantly high level of complaints.
“In a large and vibrant financial system like ours, some level of complaints is understandable,” he said. “What is of concern is that still a large number of complaints pertain to traditional banking. This calls for serious review of the working of the customer service and grievance redress mechanism in the regulated entities. The root cause of persistence of such grievances need to be analysed and necessary corrective measures undertaken.”
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