The banking grievance process no one told you about
What's the story
If you have ever faced issues with your bank's services, you would know how important it is to understand the correct way to raise a complaint.
In India, the banking industry has a well-defined grievance redressal mechanism in place to handle customer complaints.
This article will help you navigate the process, making sure your voice is heard and your problems are solved.
Rights
Know your rights as a bank customer
Every bank customer in India has the right to lodge a complaint if they are unhappy with the services provided by their bank.
This includes concerns related to account handling, unfair charges or fees, ATM and online banking issues, and more.
Banks are mandated by the Reserve Bank of India (RBI) to resolve these complaints in a timely manner.
Process
Step-by-step complaint filing process
The first course of action should be to raise the issue with your bank's customer service department.
This can be done through the bank's helpline, email, or by visiting the branch in person.
Ideally, most banks try to resolve complaints at this level within seven working days.
If you are unhappy with the resolution provided or do not receive any response within 30 days, you can take the next step.
Escalation
Escalating beyond the bank
If you're not satisfied with your bank's response, or if your issue remains unresolved, you can escalate it to the Banking Ombudsman appointed by the RBI.
This independent authority resolves banking complaints free of charge.
You can file your complaint online or in writing within one year from the date of the bank's reply or 30 days after sending your complaint to the bank if no reply is received.
Online help
Leveraging online platforms for resolution
The RBI also provides an online portal named 'CMS' (Complaint Management System) where a customer can lodge his/her complaint against any regulated entity. It provides transparency and keeps tracking your complaint until it gets resolved.
Being aware of these steps and knowing how to effectively navigate them can greatly streamline the grievance redressal process in Indian banking, ensuring that as a customer, your voice is heard and addressed promptly.