{"id":3770,"date":"2025-01-27T15:42:36","date_gmt":"2025-01-27T10:12:36","guid":{"rendered":"https:\/\/kreditbazar.com\/blog\/?post_type=news&p=3770"},"modified":"2025-01-27T15:44:18","modified_gmt":"2025-01-27T10:14:18","slug":"loan-related-complaints-surge-by-43-in-fy24-rbi-report","status":"publish","type":"news","link":"https:\/\/kreditbazar.com\/blog\/news\/loan-related-complaints-surge-by-43-in-fy24-rbi-report\/","title":{"rendered":"Loan-Related Complaints Surge by 43% in FY24: RBI Report"},"content":{"rendered":"
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In a significant revelation, the Reserve Bank of India\u2019s (RBI) Integrated Ombudsman Scheme Annual Report for FY24<\/strong> highlighted a sharp rise in grievances against entities regulated by the central bank. Loan-related complaints dominated the report, increasing by a substantial 43%<\/strong> compared to the previous fiscal year.<\/p>\n\n\n\n

Key Highlights from the Report<\/strong><\/h2>\n\n\n\n

Rise in Overall Complaints<\/strong><\/h3>\n\n\n\n

The ombudsman received 2.9 lakh complaints<\/strong> during FY24, marking a 33% increase<\/strong> from the previous year. Among these, 85,281 complaints<\/strong> were related to loans and advances, making up 29% of the total grievances<\/strong>\u2014the highest share across all categories.<\/p>\n\n\n\n

Grievance Distribution by Category<\/strong><\/h3>\n\n\n\n
    \n
  • Mobile and Internet Banking<\/strong>: With 57,242 complaints<\/strong> (19.8% of the total), this was the second most frequent issue.<\/li>\n\n\n\n
  • Deposit Accounts<\/strong>: Complaints surged by 34.5%<\/strong>, reaching 46,358 cases<\/strong>.<\/li>\n\n\n\n
  • ATM and Debit Card Complaints<\/strong>: Interestingly, this category saw a decline of 15%<\/strong>, dropping to 25,231 cases<\/strong>, largely due to the growing adoption of the Unified Payments Interface (UPI).<\/li>\n<\/ul>\n\n\n\n

    Source of Complaints<\/strong><\/h3>\n\n\n\n
      \n
    • Digital Channels<\/strong>: A staggering 88.8%<\/strong> of complaints were lodged through online platforms such as the CMS portal, email, and CPGRAMS, up from 85.6%<\/strong> in FY23.<\/li>\n\n\n\n
    • Metropolitan and Urban Centers<\/strong>: These areas accounted for a marginally higher share of complaints compared to rural regions.<\/li>\n<\/ul>\n\n\n\n

      Breakdown of Major Grievances<\/strong><\/h3>\n\n\n\n

      The five main categories\u2014loans and advances, mobile banking, deposit accounts, credit cards, and ATM\/debit cards<\/strong>\u2014accounted for 87.2%<\/strong> of all complaints. While complaints in most categories rose, ATM and debit card grievances were the only ones to decline.<\/p>\n\n\n\n

      Grievance Redressal Insights<\/strong><\/h2>\n\n\n\n

      The ombudsman managed to resolve 67.8% of maintainable complaints<\/strong>, amounting to 1.9 lakh cases<\/strong>. Of these:<\/p>\n\n\n\n

        \n
      • 57.1%<\/strong> were resolved through mutual agreement.<\/li>\n\n\n\n
      • 40.8%<\/strong> were rejected due to the absence of service deficiencies.<\/li>\n<\/ul>\n\n\n\n

        Additionally, the average cost of handling a complaint<\/strong> fell to \u20b91,732<\/strong>, down from \u20b92,041<\/strong> in FY23, signalling improved efficiency in grievance management.<\/p>\n\n\n\n

        Implications for Banks and NBFCs<\/strong><\/h2>\n\n\n\n

        Most grievances were directed toward services provided by banks, while NBFCs accounted for less than 15%<\/strong> of the total complaints. The report emphasized the need for enhanced grievance redressal mechanisms<\/strong> at the institutional level, as the complaint conversion ratio across major bank groups showed scope for improvement.<\/p>\n\n\n\n

        Kreditbazar: A Reliable Partner for Your Loan Needs<\/strong><\/h2>\n\n\n\n

        With complaints on the rise, choosing the right lending partner has become more important than ever. At Kreditbazar<\/strong>, we connect you with trusted NBFCs and lending institutions, ensuring a seamless experience for personal loans. Whether you need funds for emergencies, business, or personal goals, Kreditbazar offers pre-approved loan options tailored to your needs.<\/p>\n\n\n\n

        Source<\/strong><\/h2>\n\n\n\n

        Information derived from the RBI\u2019s Integrated Ombudsman Scheme Annual Report FY24.<\/p>\n","protected":false},"excerpt":{"rendered":"

        In a significant revelation, the Reserve Bank of India\u2019s (RBI) Integrated Ombudsman Scheme Annual Report for FY24 highlighted a sharp rise in grievances against entities regulated by the central bank. Loan-related complaints dominated the report, increasing by a substantial 43% compared to the previous fiscal year. Key Highlights from the Report Rise in Overall Complaints<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","template":"","tags":[],"news-category":[],"class_list":["post-3770","news","type-news","status-publish","hentry"],"a3_pvc":{"activated":true,"total_views":38,"today_views":0},"_links":{"self":[{"href":"https:\/\/kreditbazar.com\/blog\/wp-json\/wp\/v2\/news\/3770","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kreditbazar.com\/blog\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/kreditbazar.com\/blog\/wp-json\/wp\/v2\/types\/news"}],"author":[{"embeddable":true,"href":"https:\/\/kreditbazar.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/kreditbazar.com\/blog\/wp-json\/wp\/v2\/comments?post=3770"}],"version-history":[{"count":1,"href":"https:\/\/kreditbazar.com\/blog\/wp-json\/wp\/v2\/news\/3770\/revisions"}],"predecessor-version":[{"id":3771,"href":"https:\/\/kreditbazar.com\/blog\/wp-json\/wp\/v2\/news\/3770\/revisions\/3771"}],"wp:attachment":[{"href":"https:\/\/kreditbazar.com\/blog\/wp-json\/wp\/v2\/media?parent=3770"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kreditbazar.com\/blog\/wp-json\/wp\/v2\/tags?post=3770"},{"taxonomy":"news-category","embeddable":true,"href":"https:\/\/kreditbazar.com\/blog\/wp-json\/wp\/v2\/news-category?post=3770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}