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The Reserve Bank of India is implementing measures to improve the customer experience in the banking sector. The RBI Banking Ombudsman will now have more authority, with online applications and a 30-day resolution window. Simplifying the process of settling accounts of deceased customers is a priority, along with returning deposits to nominees. Public sector banks, which have faced criticism for weak grievance redressal mechanisms, will need to proactively adopt the RBI's guidelines. Customers are advised to document their complaints and escalate them if necessary.

“However, it is the borrower's responsibility also to have that list of documents that they have submitted to the bank while taking the loan and to have a copy of that because we have often seen borrowers say they do not have the original paper and also do not know what all documents they had given.”

Founder of "The Other Circle", Aparna Ramachandra, recommends that people should pay off their bills on time leading up to the festive season and opt for a higher credit card limit if offered by providers. She also advises that people create a budget before spending and repay the whole amount promptly to avoid defaulting and accumulating unnecessary debt.

Most of the loans today are linked to MCLR. Even when the customer asks for a fixed rate of interest, most of the banks today do not give that option.