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RBI launches Complaint Management System (CMS) is a software application launched by Reserve Bank of India on its website. It will be used for lodging complaints against _____.
  • a)
    Public Sector Banks
  • b)
    System Participant
  • c)
    NBFC
  • d)
    Regional Rural Banks
  • e)
    All of the above
Correct answer is option 'E'. Can you explain this answer?
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RBI launches Complaint Management System (CMS) is a software applicat...
RBI launches Complaint Management System on its website. It will be used for registering complaints against banks and NBFCs with a motive to improve customer experience in a timely amendment of grievances. It is a software application launched by RBI for lodging complaints against any regulated entity with a public interface such as commercial banks, urban cooperative banks (UCBs), Non-Banking Financial Companies (NBFCs). These complaints will be directed to the relevant office of the Ombudsman/Regional Office of the RBI.
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Read the following passage carefully and answer the questions given below it. Certain words are given in underlineto help you locate them while answering some of the questions.Public sector banks are back in focus, not for thesteeprise in bad loans, but for customer complaints against them. At first glance, the Reserve Bank of India’s annual report on the Banking Ombudsman Scheme reveals that customers of PSBs had a litany of grievances, while patrons of private and foreign banks were quite content with the services offered to them. But one reason why PSBs account for about 65 per cent of the complaints is that these banks have a lion’s share — about three-fourths — of the loans and deposits in the banking system. If we consider the number of complaints per account or branch, nationalised banks, surprisingly, have fewer complaints than their private and foreign counterparts. Complaints from the rural and semi-urban population have witnessed an increase, implying the wider participation from these segments. But there is a lack of awareness about the ombudsman scheme or lack of access to it in these regions. While they account for about two-thirds of the bank branches in India, less than 30 per cent of the complaints were lodged from here.Reporting such numbers only scratches the surface of the problem. The ombudsman scheme, which was launched two decades ago to provide a free grievanceredresssystem in the face of rising complaints against banks, will now have to use the data to improve its functioning. Both the Centre and the regulator also need to act onlongstandinggrievances. For years now, debit/credit card operations (21 per cent of complaints) and unfair banking practices (29 per cent) have made up a largechunkof the complaints. Customers have had a laundry list of woes regarding failure of withdrawals from ATMs, issue of unsolicited cards and insurance policies, and banks’ non-adherence to ‘fair practices’ or BCSBI (Banking Codes and Standards Board of Indi

Read the following passage carefully and answer the questions given below it. Certain words are given in underlineto help you locate them while answering some of the questions.Public sector banks are back in focus, not for thesteeprise in bad loans, but for customer complaints against them. At first glance, the Reserve Bank of India’s annual report on the Banking Ombudsman Scheme reveals that customers of PSBs had a litany of grievances, while patrons of private and foreign banks were quite content with the services offered to them. But one reason why PSBs account for about 65 per cent of the complaints is that these banks have a lion’s share — about three-fourths — of the loans and deposits in the banking system. If we consider the number of complaints per account or branch, nationalised banks, surprisingly, have fewer complaints than their private and foreign counterparts. Complaints from the rural and semi-urban population have witnessed an increase, implying the wider participation from these segments. But there is a lack of awareness about the ombudsman scheme or lack of access to it in these regions. While they account for about two-thirds of the bank branches in India, less than 30 per cent of the complaints were lodged from here.Reporting such numbers only scratches the surface of the problem. The ombudsman scheme, which was launched two decades ago to provide a free grievanceredresssystem in the face of rising complaints against banks, will now have to use the data to improve its functioning. Both the Centre and the regulator also need to act onlongstandinggrievances. For years now, debit/credit card operations (21 per cent of complaints) and unfair banking practices (29 per cent) have made up a largechunkof the complaints. Customers have had a laundry list of woes regarding failure of withdrawals from ATMs, issue of unsolicited cards and insurance policies, and banks’ non-adherence to ‘fair practices’ or BCSBI (Banking Codes and Standards Board of Indi

Read the following passage carefully and answer the questions given below it. Certain words are given in underlineto help you locate them while answering some of the questions.Public sector banks are back in focus, not for thesteeprise in bad loans, but for customer complaints against them. At first glance, the Reserve Bank of India’s annual report on the Banking Ombudsman Scheme reveals that customers of PSBs had a litany of grievances, while patrons of private and foreign banks were quite content with the services offered to them. But one reason why PSBs account for about 65 per cent of the complaints is that these banks have a lion’s share — about three-fourths — of the loans and deposits in the banking system. If we consider the number of complaints per account or branch, nationalised banks, surprisingly, have fewer complaints than their private and foreign counterparts. Complaints from the rural and semi-urban population have witnessed an increase, implying the wider participation from these segments. But there is a lack of awareness about the ombudsman scheme or lack of access to it in these regions. While they account for about two-thirds of the bank branches in India, less than 30 per cent of the complaints were lodged from here.Reporting such numbers only scratches the surface of the problem. The ombudsman scheme, which was launched two decades ago to provide a free grievanceredresssystem in the face of rising complaints against banks, will now have to use the data to improve its functioning. Both the Centre and the regulator also need to act onlongstandinggrievances. For years now, debit/credit card operations (21 per cent of complaints) and unfair banking practices (29 per cent) have made up a largechunkof the complaints. Customers have had a laundry list of woes regarding failure of withdrawals from ATMs, issue of unsolicited cards and insurance policies, and banks’ non-adherence to ‘fair practices’ or BCSBI (Banking Codes and Standards Board of Indi

Read the following passage carefully and answer the questions given below it. Certain words are given in underlineto help you locate them while answering some of the questions.Public sector banks are back in focus, not for thesteeprise in bad loans, but for customer complaints against them. At first glance, the Reserve Bank of India’s annual report on the Banking Ombudsman Scheme reveals that customers of PSBs had a litany of grievances, while patrons of private and foreign banks were quite content with the services offered to them. But one reason why PSBs account for about 65 per cent of the complaints is that these banks have a lion’s share — about three-fourths — of the loans and deposits in the banking system. If we consider the number of complaints per account or branch, nationalised banks, surprisingly, have fewer complaints than their private and foreign counterparts. Complaints from the rural and semi-urban population have witnessed an increase, implying the wider participation from these segments. But there is a lack of awareness about the ombudsman scheme or lack of access to it in these regions. While they account for about two-thirds of the bank branches in India, less than 30 per cent of the complaints were lodged from here.Reporting such numbers only scratches the surface of the problem. The ombudsman scheme, which was launched two decades ago to provide a free grievanceredresssystem in the face of rising complaints against banks, will now have to use the data to improve its functioning. Both the Centre and the regulator also need to act onlongstandinggrievances. For years now, debit/credit card operations (21 per cent of complaints) and unfair banking practices (29 per cent) have made up a largechunkof the complaints. Customers have had a laundry list of woes regarding failure of withdrawals from ATMs, issue of unsolicited cards and insurance policies, and banks’ non-adherence to ‘fair practices’ or BCSBI (Banking Codes and Standards Board of Indi

Read the following passage carefully and answer the questions given below it. Certain words are given in underlineto help you locate them while answering some of the questions.Public sector banks are back in focus, not for thesteeprise in bad loans, but for customer complaints against them. At first glance, the Reserve Bank of India’s annual report on the Banking Ombudsman Scheme reveals that customers of PSBs had a litany of grievances, while patrons of private and foreign banks were quite content with the services offered to them. But one reason why PSBs account for about 65 per cent of the complaints is that these banks have a lion’s share — about three-fourths — of the loans and deposits in the banking system. If we consider the number of complaints per account or branch, nationalised banks, surprisingly, have fewer complaints than their private and foreign counterparts. Complaints from the rural and semi-urban population have witnessed an increase, implying the wider participation from these segments. But there is a lack of awareness about the ombudsman scheme or lack of access to it in these regions. While they account for about two-thirds of the bank branches in India, less than 30 per cent of the complaints were lodged from here.Reporting such numbers only scratches the surface of the problem. The ombudsman scheme, which was launched two decades ago to provide a free grievanceredresssystem in the face of rising complaints against banks, will now have to use the data to improve its functioning. Both the Centre and the regulator also need to act onlongstandinggrievances. For years now, debit/credit card operations (21 per cent of complaints) and unfair banking practices (29 per cent) have made up a largechunkof the complaints. Customers have had a laundry list of woes regarding failure of withdrawals from ATMs, issue of unsolicited cards and insurance policies, and banks’ non-adherence to ‘fair practices’ or BCSBI (Banking Codes and Standards Board of Indi

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RBI launches Complaint Management System (CMS) is a software application launched by Reserve Bank of India on its website. It will be used for lodging complaints against _____.a)Public Sector Banksb)System Participantc)NBFCd)Regional Rural Bankse)All of the aboveCorrect answer is option 'E'. Can you explain this answer?
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RBI launches Complaint Management System (CMS) is a software application launched by Reserve Bank of India on its website. It will be used for lodging complaints against _____.a)Public Sector Banksb)System Participantc)NBFCd)Regional Rural Bankse)All of the aboveCorrect answer is option 'E'. Can you explain this answer? for Banking Exams 2024 is part of Banking Exams preparation. The Question and answers have been prepared according to the Banking Exams exam syllabus. Information about RBI launches Complaint Management System (CMS) is a software application launched by Reserve Bank of India on its website. It will be used for lodging complaints against _____.a)Public Sector Banksb)System Participantc)NBFCd)Regional Rural Bankse)All of the aboveCorrect answer is option 'E'. Can you explain this answer? covers all topics & solutions for Banking Exams 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for RBI launches Complaint Management System (CMS) is a software application launched by Reserve Bank of India on its website. It will be used for lodging complaints against _____.a)Public Sector Banksb)System Participantc)NBFCd)Regional Rural Bankse)All of the aboveCorrect answer is option 'E'. Can you explain this answer?.
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