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Complaints Against Banks Spike by 58%, Most About Online Transactions: RBI Report
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According to RBI’s annual report on Banking Ombudsman Scheme, the number of complaints against banks rose by 58% in the financial year 2019-20. There was a total of 3,08,630 complaints as against 1,95,901 a year earlier.
Complaints against NBFCs increased by 387%. The ombudsman for NBFCs received a total of 19,432 complaints in the same financial year as against 3,991 a year earlier.
Most complaints with the banking ombudsman were about digital modes of transactions, constituting 44.66% of the total complaints received. In the previous years, there were higher number of complaints about banks not adhering to the Fair Practices Code (FPC).
Consumer complaints about banking services jumped 57 per cent to 3.08 lakh for the year to June 30, 2020, the Reserve Bank said on Monday. In its annual report on Ombudsman Schemes, the central bank said over a fifth of the complaints were about services at ATMs or with debit cards, followed by mobile or electronic banking at 13.38 per cent. Non-observance of Fair Practices Code (FPC) was at third place. Complaints received regarding credit cards, failure to meet commitments, levy of charges without notice, loans and advances and non-adherence to the Banking Codes and Standards Board of India (BCSBI) norms increased this year as compared to previous year.
India Business News: In its annual report on Ombudsman Schemes, the central bank said over a fifth of the complaints were about services at ATMs or with debit cards, follo