RBI says bank customer complaints under Ombudsman scheme spike around 33% in FY24

The Reserve Bank of India (RBI) stated in its Annual Report on Ombudsman Scheme that integrated Ombudsman Scheme saw a jump of 32.81% on year in complaints from banking customers, reaching 9.34 lakh during FY2024. This spike reflects drop in customer service standards within the banking sector. These complaints were registered with 24 Offices of the RBI Ombudsman (ORBIOs) and Centralised Receipt and Processing Centre (CRPC) of the RBI. A significant number of 85,281 complaints (as much as 29.01 per cent of the total complaints) with respect to loans and advances were received under the scheme, marking an increase of 42.70 per cent when compared to the previous year.