As the ratio of cashless transactions in the country’s financial system is increasing, fraud is also increasing in leaps and bounds. The customer is having technical problems. Complaints about bank services are also increasing. And more and more people are approaching the Reserve Bank’s ombudsman scheme to solve all these problems. This picture is clear in the statistics of top banks recently.
According to a recent report on the Banking Ombudsman Service, a total of 4,18,194 complaints were filed in the financial year 2021-22 under both the old and new complaint mechanisms. Which is 9.39 percent more than the previous year. Of these, 97.97 percent have been solved by the authority. The apex bank claims that 59.55% of the complainants are satisfied with the settlement. 66.11 percent of complaints were resolved through conciliation and talks between banks and complainants mediated by the Office of the Ombudsman.
Percentage of complaints
According to the report, the highest number of complaints submitted to the Banking Ombudsman Scheme between April 1 and November 11 of that financial year were related to ATMs or debit cards (14.65%). Then there are complaints about mobile and electronic banking services (13.64 percent). In reporting all these complaints, however, the complainants mainly chose the digital system. 90% of complaints filed through Complaint Management System Portal, E-mail and Centralized Public Grievance Redressal and Monitoring System.
Earlier there were separate banking ombudsman for different states in the country. In 2021, the Reserve Bank introduced the ‘One Country, One Ombudsman’ policy. It has 22 ombudsman offices across the country. Urban co-operative banks with deposits of Rs 50 crore or more are covered under the scheme. Under the new system, the complainant can file a complaint at any office. According to the concerned circles, as the use of technology in the banking system is increasing, so are the technical problems pressing on the neck of the customer.
Along with the rise in popularity of digital transactions, fraud is also on the rise. The new ombudsman scheme has been created to make it easier to file complaints for redressal. But caution and awareness is also required on the part of the customer.
Gold faces record highs
Marriage season starts from 17th of this month. Before that, the price of gold rose higher. From where the distance of the highest price is only 260 rupees. As a result, the concerned circles think that the new precedent is only waiting for time. On Wednesday, matured gold (24 carat, 10 grams) rose to rupees 56,700 in the market. 58401 with GST. Earlier, on August 7, 2020, its price was increased to 56, 960 rupees (without GST).
Those who have already invested by buying gold bars or coins are in for some relief. Gold returns at home or in bank lockers are increasing by leaps and bounds. As a result, it is also somewhat reliable. But those who were planning to buy gold, got disappointed. Concerned jewellers are there too. The gold industry claims that the increase in the price of solid gold has also affected jewellery.