PSU banks lead decline in complaints with regulator – Occasions of India

MUMBAI: RBI’s built-in ombudsman has recorded a decline within the quantity of grievances from regulated entities in FY23. Grievances dropped to 2.35 lakh in FY23 – a virtually 39% discount from the three.8 lakh recorded in FY21. This marks the second yr in a row with a big lower in complaints, following final yr’s drop to three lakh.
Between 2020-21 and 2022-23, the general public sector banks class skilled probably the most substantial fall in grievances, declining from 1.75 lakh to 1 lakh. This signifies a 41% lower or 72,830 fewer complaints.
Conversely, inside the similar interval, the non-banking monetary firms class noticed a rise in grievances, climbing from 31,158 to 33,072 – an rise of 1,914 complaints. Regardless of a pointy decline in grievances from the general public sector, non-public, and international banks in comparison with the pandemic years, complaints in opposition to fee banks rose from 2,168 in FY21 to three,456 in FY23.
Relating to classes, most grievances are associated to cell and digital banking. From 2020-21 to 2021-22, this class noticed a modest discount in complaints from 44,385 to 39,388, but the proportion of general complaints elevated from 13% to 14.7%. Nonetheless, from 2021-22 to 2022-23, there was a big rise in complaints (from 39,388 to 39,855) and their share of the full (from 14.7% to twenty.3%). The decline in complaints was because of the drop in grievances underneath the ‘others’ class, which dropped from 3.4 lakh in FY21 to 2.7 lakh in FY22 and additional to 1.9 lakh in FY23.