Issues related to ATM/ debit cards, mobile/ electronic banking, credit cards, failure to meet commitments and non-observance of fair practices code were the top-five grounds of complaints received at the Office of Banking Ombudsman (OBO) during July 2020-March 2021, said an RBI report on Wednesday.
The Reserve Bank of India (RBI) has released the Annual Report of the Ombudsman Schemes for the year 2020-21, which has been prepared for the nine-month period from July 1, 2020, to March 31, 2021, in alignment with the change in the financial year of the RBI from ‘July-June’ to ‘April-March’ with effect from July 1, 2020.
It covers the activities under the Banking Ombudsman Scheme, 2006 (BOS), the Ombudsman Scheme for Non-Banking Financial Companies, 2018 (OSNBFC), and the Ombudsman Scheme for Digital Transactions, 2019 (OSDT). As per the report, the volume of complaints received under all the three ombudsman schemes increased 22.27 percent on an annualised basis and stood at 3,03,107 during the reported period.
The shares of ATM/debit card complaints, mobile/electronic banking and credit card complaints to total complaints received during July 1, 2020-March 31, 2021, stood at 17.40 percent, 12.98 percent and 12.36 percent, respectively. The corresponding percentage of complaints against these grounds during July 1, 2019-June 30, 2020, were 21.97 percent, 13.38 percent and 9.30 percent, respectively.
It further said complaints related to credit cards, failure to meet commitments, and direct selling agents (DSAs) and recovery agents increased during July 1, 2020-March 31, 2021, vis-a-vis July 1, 2019, to June 30, 2020, with complaints related to DSAs and recovery agents registering a surge of over 60.66 percent. Regarding the Ombudsman Scheme for Non-Banking Financial Companies (OSNBFC), the report said the receipt of complaints at ONBFCOs stood at 26,957 during July 1, 2020-March 31, 2021, increasing from 19,432 complaints received during July 1, 2019, to June 30, 2020.
“Thus, an increase of 38.72 per cent was witnessed, despite the current period being short by a quarter,” the report said. The number of complaints received at the Ombudsman Scheme for Digital Transactions (OSDT) rose from 2,481 during July 1, 2019-June 30, 2020, to 2,946 during July 1, 2020-March 31, 2021.