RBI Reports 13.34 Lakh Consumer Complaints in FY 2024-25, Loans and Credit Cards Top Grievances

The Reserve Bank of India (RBI) on Monday highlighted a predominant upward thrust in particular person grievances, with 13.34 lakh complaints registered right by FY 2024-25, a 13.55% magnify from FY 2023-24.In its Integrated Ombudsman Plot Annual File for FY 2024-25, RBI highlighted an expanded digital complaint footprint, improved disposal effectivity, and growing considerations spherical loans, credit score cards and digital frauds.

Of those compaints, the Centralised Receipt and Processing Centre (CRPC) handled 9.11 lakh complaints, while Locations of work of the RBI Ombudsman (ORBIOs) obtained 2.96 lakh complaints by disclose CMS submissions and assignments by the CRPC.

No matter the rising volume, the ORBIOs managed to retain an outstanding 93.07% disposal rate, clearing 2.90 lakh complaints right by the Twelve months. The loans and advances remained the very best offer of particular person grievances, accounting for 29.25% of full complaints. Credit score card-linked points witnessed a steep upward thrust of 20.04%, making them the second-finest class, while complaints linked to cell and electronic banking dropped by 12.74%, indicating both better scheme efficiencies or transferring particular person behaviour.

By strategy of regulated entities, banks fashioned 81.fifty three% of all complaints, adopted by NBFCs at 14.80%. Within the banking segment, non-public sector banks overtook public sector banks, contributing 37.fifty three% of the full complaints, while public sector banks seen a decline to 34.80%.

The bid additionally highlights a solid shift against digital complaint lodging, with 91.22% of complaints at ORBIOs being filed online or by electronic mail. The CRPC persevered to play a pivotal characteristic, closing 7.84 lakh complaints as non-maintainable or non-complaints.

The toll-free facility obtained 9.27 lakh calls, a jump of nearly 29% over the outdated Twelve months, with Hindi accounting for over 70% of the calls, adopted by regional languages and English.