, it is imperative that the growing customer base is offered fair and sustainable products and services. the increasing range and complexity of financial products and services can act as a barrier to comprehension and decision - making by consumers. clear, transparent, and consistent communication regarding products, services, follow - ups, service charges, etc. are, therefore, very essential for establishing trust and fostering enduring customer relationships. 1 / 5 bis - central bankers'speeches ( ii ) effective grievance redress the litmus test of the working of any institution or entity is the efficacy of its grievance redress mechanism. fragmentation and inefficiency in grievance redress mechanisms can hinder timely resolution of consumer complaints. multiple layers and lengthy resolution processes should, therefore, be avoided. as you would be aware, the reserve bank - integrated ombudsman scheme ( rb - ios, 2021 ) brought in several structural changes2 in the operations of the ombudsman scheme. under the rb - ios scheme, 2. 34 lakh grievances were received during the first full year of its operation ( 2022 - 23 ), followed by 2. 68 lakh grievances in the current financial year ( 2023 - 24 ) so far. the disposal rate in both the years has been about 98 %. the average turnaround time for closure across all categories of complaints has come down to 33 days for 2022 - 23 from 57 days prior to the introduction of the new scheme. our analysis of the grievances received at the offices of the rbi ombudsman reveal certain gaps in the systems and procedures in the regulated entities. we have brought such deficiencies to the notice of the individual banks and nbfcs. our effort is to work with the regulated entities and rectify such deficiencies. the reserve bank has also put in place an internal ombudsman ( io ) mechanism3 in regulated entities to strengthen their internal grievance redress mechanism. the functioning of io mechanism, however, needs considerable improvement. it has been observed that on a number of occasions, ios tend to endorse the decision of the regulated entities mechanically. in several cases, rejected complaints are not being referred to io. the very foundation of an internal dispute resolution system relies on its capacity to provide fair, impartial and judicious adjudication, and the observed trend raises concerns about the robustness of the existing framework. i would urge all of you to ensure the

. 2 2. 9 euro area 2. 4 1. 8 japan 1. 9 0. 9 4. 7 4. 6 china 6. 9 6. 6 asean - 5 5. 3 5. 2 latin america and the caribbean 1. 3 1. 1 world emerging market and developing economies projection 3. 5 3. 6 ( - 0. 2 ) ( - 0. 1 ) 2. 0 1. 7 ( - 0. 1 ) ( 0. 0 ) 2. 5 1. 8 ( 0. 0 ) ( 0. 0 ) 1. 6 1. 7 ( - 0. 3 ) 1. 1 ( 0. 2 ) ( 0. 0 ) 0. 5 ( 0. 2 ) 4. 5 4. 9 ( - 0. 2 ) ( 0. 0 ) 6. 2 6. 2 ( 0. 0 ) ( 0. 0 ) 5. 1 5. 2 ( - 0. 1 ) ( 0. 0 ) 2. 0 2. 5 ( - 0. 2 ) ( - 0. 2 ) note : the post - 2019 figures are based on january 2019 weo projections. figures in parentheses show the differences from the october 2018 projections. source : imf. chart 8 ii. price developments consumer prices y / y % chg. - 1 cpi ( all items less fresh food ) - 2 - 3 cy 85 cpi ( all items less fresh food and energy ) note : figures are adjusted for changes in the consumption tax rate. source : ministry of internal affairs and communications. chart 9 ii. price developments environment surrounding prices output prices di ( tankan ) di ( " rise " - " fall " ), % points large enterprises small enterprises - 10 - 20 - 30 - 40 - 50 cy 85 note : there is a discontinuity in the data in december 2003 due to a change in the survey framework. source : bank of japan. chart 10 ii. price developments reasons for a rise in inflation taking time supply side large room for firms to raise productivity technological progress in recent years high wage elasticity of labor supply mindset experience of prolonged low growth and deflation the pace of improvement in prices and inflation expectations has remained slow compared to the improvement in the output gap. 1. firms'cautious wage - and price - setting stance 2. sluggish increase in households'tolerance of price rises 3. intensifying competition iii. the bank's conduct of monetary policy chart 11 strengthening the framework for continuous powerful monetary easing