shaktikanta das : launch of complaint management system statement by mr shaktikanta das, governor of the reserve bank of india, on launch of complaint management system, 24 june 2019. * * * the complaint management system ( cms ), the application being launched today, symbolizes rbi ’ s commitment to improve customer experience in grievance redressal process by ensuring timely resolution of complaints received at the reserve bank. i take this opportunity to seek the co - operation of all rbi regulated entities with public interface such as commercial banks, urban co - operative banks, non - banking financial companies ( nbfcs ), etc. in resolving customer complaints in a speedy and meaningful manner to promote public confidence in the financial system. 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. 2. cms envisages improved customer convenience by providing a single window on reserve bank ’ s website for lodging complaints against any regulated entity. the complaint would be directed to the appropriate office of the ombudsman / regional office of the rbi. the application also 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. further, complainants can also voluntarily share feedback on their experience in obtaining redressal. 3. cms will be accessible on desktop as well as on mobile devices. the reserve bank also plans to introduce a dedicated interactive voice response ( ivr ) system for tracking the status of complaints. i am sure, with time, the customer friendly nature of the cms will be further enhanced. 4. as stated earlier, customer awareness is an enabling tool for strengthening customer protection. an alert and aware customer can effectively guard against the risks of mis - selling, cheating, frauds and such other threats. in our endeavor to spread awareness, we have placed on the cms portal, videos with young role - models, including sportspersons, on safe banking practices and other important customer - centric regulatory initiatives of the reserve bank of india. 5. the benefit to the financial system will accrue from seamless access of cms to the nodal officers of banks / financial service providers ( fsps ). cms can generate various reports for monitoring

employed and those employed in unorganised sector. while commercial considerations are no doubt important, the banks have been bestowed with several privileges, especially of seeking public deposits on a highly leveraged basis, and consequently they should be obliged to provide banking services to all segments of the population, on equitable basis. ” pursuant to this, the reserve bank has undertaken a number of measures with the objective of attracting the financially excluded population into the structured financial system. in november 2005, banks were advised to make available a basic banking “ no - frills ” account with low or nil minimum balances as well as charges to expand the outreach of such accounts to vast sections of the population. banks are required to make available all printed material used by retail customers in the concerned regional language. in order to ensure that persons belonging to low income group, both in urban and rural areas do not encounter difficulties in opening bank accounts, the know your customer ( kyc ) procedures for opening accounts has been simplified for those persons with balances not exceeding rs 50000 / ( about gbp 600 ) and credits in the accounts not exceeding rs. 100000 / - ( about gbp 1200 ) in a year. the simplified procedure allows introduction by a customer on whom full kyc drill has been followed. banks have been asked to consider introduction of a general purpose credit card ( gcc ) facility up to rs. 25000 / - at their rural and semi urban braches. the credit facility is in the nature of revolving credit entitling the holder to withdraw upto the limit sanctioned. based on assessment of household cash flows, the limits are sanctioned without insistence on security or purpose. interest rate on the facility is completely deregulated. a simplified mechanism for one - time settlement of overdue loans up to rs. 25, 000 / - has been suggested for adoption. banks have been specifically advised that borrowers with loans settled under the one time settlement scheme will be eligible to re - access the formal financial system for fresh credit. in january 2006, banks were permitted to utilise the services of non - governmental organisations ( ngos / shgs ), micro - finance institutions and other civil society organisations as intermediaries in providing financial and banking services through the use of business facilitator and business correspondent ( bc ) models. the bc model allows banks to do “ cash in – cash out ” transactions at the location of the bc and allows branchless banking. other measures include setting up pilots for credit