Loading...

Top
Help
×

By creating an account you can:

Logo TaxTMI
Call Us / Help / Feedback

Contact Us At :

E-mail: [email protected]

Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters 0/2000
Make Most of Text Search
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
Add to...
You have not created any category. Kindly create one to bookmark this item!
Create New Category
Hide
Title :
Description :
❮❮ Hide
Default View
Expand ❯❯
Close ✕
🔎 News - Adv. Search
TEXT SEARCH:

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In:
Main Text + AI Text
  • Main Text
  • Main Text + AI Text
  • AI Text
Category: ?
Categorized by AI
---- All Categories ----
  • ---- All Categories ----
  • Income Tax
  • GST
  • Customs, DGFT & SEZ
  • FEMA & RBI
  • Corp. Laws, SEBI & IBC
  • PMLA, Black Money & ED
  • Budget
  • News and Press Release
  • PTI News
Month:
---- All Months ----
  • ---- All Months ----
  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • November
  • December
Year:
---- All Years ----
  • ---- All Years ----
  • 2026
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
Relevance Default Date
    SC adjourns suo motu case on NCLT vacancies, infrastructure; says appointments process underway
    CBN Madhya Pradesh Unit busts high-tech MD manufacturing lab in Pune; Two masterminds arrested from Ujjain and Jodhpur under multi-city ‘Operation V...
    DRI busts several wildlife trafficking networks across India operations
    CCI imposes penalty on HP India and its certain resellers for indulging in anti-competitive practices in supply of Supplies products
    CCI imposes penalty on HP India and its certain resellers for indulging in anti-competitive practices in supply of personal system products
    China's exports surge 27% from year earlier as AI boom drives strong demand
    ED attaches over Rs 50 cr in assets in crypto 'fraud' case
    Framework deal is ready, to be signed at right time: Comm Secy on India-US trade pact
    US citizen found guilty of helping export tech to Iran in violation of sanctions
    SC upholds SEBI action against Kotak AMC, says compliance with securities regulations mandatory
    Rupee falls 30 paise to close at 95.68 against US dollar
    'Coal scam': Delhi court dismisses ED case against ex-MP Vijay Darda, son Devendra, others
    Court rejects bail plea of Jammu-based editor accused of impersonating PMO officer, cheating people
    TMC's Mamata Banerjee faction moves HC seeking permission to operate bank accounts frozen by ED
    ED conducts raids in 'work-from-home scam' case
    21 pc YoY rise in engineering exports in June shows sector''s resilience amid global challenges: EEPC
    NABARD key partner in rural infra development: Rajasthan chief secretary
    Retail inflation rises to 4.38 pc in Jun, surpasses RBI's median target level
    Coal scam: Delhi court dismisses ED case against ex-MP Vijay Darda, son Devendra Darda, others
    India's exports rise 15.5 pc in Jun, trade deficit widens to five-month high
❯❯
Maximize Maximize Maximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

+

Are you sure you want to delete "My most important" ?

NOTE:

News
Showing Results for :
Reset Filters
Results Found:
Show All Summaries Hide All Summaries
July 14, 2026
Show AI Summary
NCLT vacancies and infrastructure gaps remain under review as delays in insolvency resolution plans raise IBC efficiency concerns
Delays in appointing judicial and technical members to the National Company Law Tribunal, inadequate infrastructure, and concerns over its disposal rate are being considered in suo motu proceedings. The hearing was deferred after the appointment process was reported to be underway. The proceedings followed concerns regarding persistent delays in approving insolvency resolution plans under the Insolvency and Bankruptcy Code, including applications pending before the NCLT for periods ranging from weeks to several years.
July 14, 2026
Show AI Summary
Synthetic drug trafficking enforcement exposes clandestine Mephedrone laboratories, leading to arrests and seizure of manufacturing equipment under narcotics law
Interstate synthetic drug trafficking enforcement under the NDPS Act, 1985 led to the dismantling of a sophisticated Mephedrone manufacturing laboratory and the arrest of two alleged chief conspirators during coordinated operations. Officers seized digital machinery, laboratory equipment, heavy glassware, precursor chemicals and safety gear used in illicit MD production. Sustained intelligence and interstate investigation identified a second facility financed and coordinated by a co-conspirator. Simultaneous searches resulted in the second arrest and seizure of the clandestine laboratory's equipment and chemicals, which were taken into possession under the NDPS Act, 1985. Further investigation remains in progress.
July 14, 2026
Show AI Summary
Wildlife trafficking enforcement targets ivory, endangered species, and transnational smuggling through coordinated operations and CITES-based protections
Intelligence-led operations targeted organised wildlife trafficking involving endangered and protected fauna, ivory, and other wildlife products. More than 440 protected or endangered animals, approximately 15 kg of ivory articles and elephant ivory, and products including pangolin scales, leopard pelt, seahorse-based articles, and Red Sanders were seized, while 33 persons were arrested or apprehended. Elephant ivory recoveries were referred to the Forest Department for action under the Wildlife (Protection) Act, 1972. The Indian elephant is protected under Schedule I, trade in elephants and derivatives is prohibited, commercial ivory trade is restricted under CITES obligations, and ivory imports and exports are prohibited under the Foreign Trade Policy.
July 14, 2026
Show AI Summary
Reseller cover bids and coordinated supplies sales treated as cartelisation, with penalties and cease-and-desist directions imposed
The Competition Commission of India addressed cartelisation in the sale and supply of toner, cartridges and other consumables used with print hardware products. Sixteen Tier-2 resellers were identified as having sought and submitted support or cover bids, contrary to Sections 3(3)(d) read with Section 3(1) of the Competition Act, 2002. HP India was identified as playing a central role in the arrangement. Monetary penalties were imposed on HP India, the resellers and relevant officials under Section 48, together with directions to cease and desist from the anti-competitive conduct.
July 14, 2026
Show AI Summary
Bid-price coordination and tender-participation manipulation in personal system products attract competition-law penalties and cease-and-desist directions.
HP India and five resellers were found to have engaged in cartelisation in the sale and supply of personal system products. The conduct included dictating bid prices and manipulating reseller participation in GeM tenders by withholding authorisation. The conduct was treated as contravening Sections 3(3)(d) read with Section 3(1) of the Competition Act, 2002. The resellers were found to have acted in collusion with HP India, while officials were treated as liable under Section 48. Penalties and cease-and-desist directions were imposed under the Act.
July 14, 2026
Show AI Summary
Export Growth Driven by AI Demand as Technology Products, Semiconductors, and Electric Vehicles Lift China's June Trade Performance
China's exports increased sharply in June, driven by strong external demand associated with the expansion of artificial intelligence. Exports of electric vehicles, semiconductors, and related technology products expanded significantly, while imports also recorded substantial year-on-year growth. Strong export manufacturing helped offset weakness in domestic demand.
July 13, 2026
Show AI Summary
Cryptocurrency investment fraud allegations trigger PMLA provisional attachment of bank deposits, flats, and commercial shops linked to diverted funds.
The Enforcement Directorate reported a money-laundering investigation into an alleged cryptocurrency fraud involving ATC Coin. It alleged that investors were induced to contribute funds through assurances of high and assured returns, and that the collections were deposited with Jewria Services Club India before being diverted through accounts of the accused and associated entities. Under the Prevention of Money Laundering Act, bank deposits and Mumbai properties comprising residential flats and commercial shops were provisionally attached.
July 13, 2026
Show AI Summary
Preferential market access anchors India-US trade negotiations as tariff investigations and bilateral commitments remain under discussion
India and the United States are progressing negotiations on a framework deal and a bilateral trade agreement focused on preferential market access and comparative tariff advantages. India is engaging with the USTR on Section 301 investigations concerning forced labour and excess industrial capacity. The forced-labour investigation has proposed an additional tariff on imports from India, but the measure remains unfinalised. India has urged resolution through bilateral negotiations rather than unilateral measures. The excess-capacity investigation remains pending, and the eventual trade agreement is expected to address relevant aspects of the bilateral trade relationship, including tariff treatment, market access, and investigation-related issues.
July 13, 2026
Show AI Summary
Export-control sanctions prohibit routing electronic components to Iran through intermediaries, with conspiracy liability turning on knowledge and assistance.
US export-control sanctions prohibit the unlawful export of electronic components to Iran through intermediaries or front companies. The reported prosecution concerned allegations that an employee conspired with an Iranian business associate to obtain components for a Tehran-based company whose technology had potential military applications. Prosecutors relied on documents, text messages, photographs, and communications said to show knowledge and assistance, while the defence disputed procurement, the Swiss company's characterization as a front, and proof that components reached Iran. Evidence concerning a specific drone attack was limited to general evidence about the Iranian company and potential military applications.
July 13, 2026
Show AI Summary
Mandatory securities compliance governs mutual fund redemptions, investor consent, disclosures, due diligence, and trustee responsibilities
Compliance with securities regulations is presented as mandatory regardless of whether investors ultimately incur losses or receive benefits. Close-ended mutual fund schemes must be redeemed at maturity unless formally rolled over with informed written investor consent and prior disclosure to SEBI. The reported issues also include inadequate due diligence regarding issuers' financial condition, excessive reliance on pledged collateral, delayed disclosures to investors and SEBI, and the trustee company's failure to independently assess regulatory compliance and unitholder interests.
July 13, 2026
Show AI Summary
Rupee weakness reflects geopolitical risk, crude prices, capital outflows, rising inflation, and widening trade pressures on India
The Indian rupee weakened against the US dollar amid heightened US-Iran tensions, elevated crude oil prices, a stronger dollar and foreign capital outflows. Pressure on the domestic currency was linked to concerns over India's import bill and risk aversion in global markets, while domestic market recovery and some moderation in crude prices limited the decline. Retail inflation rose above the central bank's four per cent target, and the merchandise trade deficit widened as imports, particularly crude-related imports, increased despite stronger exports.
July 13, 2026
Show AI Summary
Predicate-offence acquittal removes the foundation for money-laundering proceedings arising from alleged coal-block allocation irregularities
Money-laundering proceedings under the Prevention of Money Laundering Act depend on the existence of a scheduled offence and identifiable proceeds of crime. Although money laundering is an independent offence, its prosecution cannot survive when the predicate offence forming its foundation has ended in acquittal. The basis for treating property or transactions as proceeds of crime is then removed, making continuation of proceedings for money laundering and company-related liability under the PMLA legally unsustainable. Proceedings may be reopened if the acquittal is later set aside or materially varied.
July 13, 2026
Show AI Summary
PMLA bail requires satisfaction of twin statutory conditions amid allegations of impersonation, cheating, and suspected money laundering
The reported bail proceedings concerned the twin conditions under Section 45 of the Prevention of Money Laundering Act: reasonable grounds to believe that the accused was not guilty and assurance that he would not commit an offence while on bail. The prosecution also raised concerns regarding possible evidence tampering, witness intimidation, and repetition of similar conduct. The accused relied on a serious heart ailment and constitutional protection against punitive pre-trial detention, while the reported order noted his medical stability in custody and that the investigation complaint had not yet been filed.
July 13, 2026
Show AI Summary
Frozen political party accounts raise questions on representative authority, Election Commission recognition, and preventing money laundering during investigation
Permission to operate three Trinamool Congress bank accounts frozen by the Enforcement Directorate was sought before the Calcutta High Court in connection with a probe into alleged dishonest financial dealings, unlawful collection of money, and routing of suspected funds through specified accounts. The Enforcement Directorate challenged the petition's maintainability, asserting that the filers lacked authority and had not disclosed an ex parte civil court order. The petitioners relied on the party constitution and the Election Commission's jurisdiction over recognition of political parties, while the Enforcement Directorate maintained that releasing the funds would undermine the prevention of money laundering.
July 13, 2026
Show AI Summary
Fake investment and work-from-home scams: laundering through mule accounts, shell entities and crypto wallets prompts asset seizures
Money laundering investigations under the Prevention of Money Laundering Act concern alleged fake online investment and work-from-home scams involving promises of lucrative returns and commissions. Funds transferred by victims were allegedly layered through mule bank accounts and shell entities, converted into cryptocurrency, and moved through multiple crypto wallets to conceal their origin and ownership. Searches were conducted at multiple locations, with cryptocurrency and cash seized and multiple bank accounts frozen under the PMLA.
July 13, 2026
Show AI Summary
Engineering export growth reflects market diversification, trade agreements, and rising global competitiveness despite persistent international uncertainty
India's engineering goods exports increased by nearly 21 per cent year-on-year in June, rising to USD 11.48 billion. Cumulative exports during April-June of the 2026-27 fiscal reached an estimated USD 34.14 billion, reflecting 18 per cent growth over the corresponding period of the previous year. The reported export performance was attributed to free trade agreements with key partner countries, diversification of products and markets, and the increasing global competitiveness of Indian engineering products despite continuing global uncertainty.
July 13, 2026
Show AI Summary
Rural infrastructure development through NABARD strengthens farmer support, women's financial inclusion, and climate-resilient agriculture in Rajasthan
NABARD is presented as a key partner in Rajasthan's rural infrastructure and agricultural development. Its initiatives support small and marginal farmers through Kisan Credit Cards, farmers' clubs and Farmer Producer Organisations, while the Self-Help Group-Bank Linkage Programme promotes financial inclusion among rural women. NABARD also supports climate-change resilience, honours rural development institutions and artisans, and provides grants for projects promoting climate-resilient agriculture.
July 13, 2026
Show AI Summary
Retail inflation rises above target as food and fuel pressures challenge monetary policy outlook ahead of August review
Retail inflation based on the Consumer Price Index increased to 4.38 per cent in June from 3.93 per cent in May, exceeding the Reserve Bank's median target of 4 per cent. Food inflation rose to 5.32 per cent. The Reserve Bank's framework seeks to maintain CPI inflation at 4 per cent within a tolerance band of 2 per cent on either side. The Reserve Bank retained the benchmark policy rate at its June meeting but raised its inflation forecast for 2026-27, citing higher input costs and global energy price transmission to domestic fuel prices. Economic assessments anticipated further inflationary pressure while generally expecting the policy rate to remain unchanged at the forthcoming review.
July 13, 2026
Show AI Summary
Money laundering proceedings fail when acquittal in the scheduled offence removes the basis for alleging proceeds of crime.
Money laundering proceedings arising from the Bander coal block allocation were terminated because the underlying predicate offences had already ended in acquittal. The central legal point reported is that, while money laundering under the Prevention of Money Laundering Act is a distinct offence, its survival depends on the continued existence of the scheduled offence and proceeds of crime. Once acquittal in the scheduled offence removed that foundation, the complaint under Section 3 read with Section 70, punishable under Section 4, was dropped and dismissed.
July 13, 2026
Show AI Summary
Trade deficit expansion accompanies export growth as higher crude oil, electronics, machinery and gold imports outpace merchandise export gains.
June trade data shows export growth alongside a wider merchandise trade deficit because imports increased faster than exports. The higher import bill was driven mainly by crude oil, with electronics, machinery and gold also adding to import pressure. April to June figures reflect the same trend, with cumulative imports outpacing export growth and enlarging the merchandise trade gap. Export strength was reported in sectors such as electronics, iron ore, handicrafts, meat and dairy products, while services trade estimates for June indicate a surplus as services exports exceeded services imports.

News

Back

All News

Showing Results for :
Reset Filters
No Records Found

News

Showing Results for : Reset Filters

Strengthening Customer Grievance Redress: The Role of the Internal Ombudsman - Keynote address by Shri Swaminathan J, Deputy Governor at the Internal Ombudsman Conference organised by the RBI in Mumbai on July 13, 2026

July 20, 2026

Contents
Summary
Note

Note

-

Bookmark

Print

Print

Managing Directors, CEOs, Whole Time Directors, Executive Directors and members of the senior management; Principal Nodal Officers from Banks, NBFCs and other Regulated Entities; Executive Director, Reserve Bank of India, Smt Sonali Sen Gupta; Reserve Bank Ombudsmen, my colleagues from the Reserve Bank; and, most importantly, the Internal Ombudsmen from our Regulated Entities, ladies and gentlemen. A very good morning to all of you.

2. It is indeed a pleasure to be here today and to address this distinguished gathering representing a wide cross-section of the financial sector. The composition of this audience itself conveys an important message—that customer service is a shared responsibility that starts with the Board, runs through senior management and operating teams, and ultimately reflects in every interaction that a customer has with the institution. Every one of us present here has an important role to play in strengthening that ecosystem.

3. At the heart of banking and financial services lies a fundamental relationship between the customer and the institution. Customers entrust financial institutions with their savings, their aspirations, their financial security and, increasingly, their digital lives. That relationship is sustained not only by strong balance sheets, adequate capital and advanced technology, but also by how fairly and promptly institutions respond when something goes wrong.

Customer grievance redress – not a cost centre but a core function

4. Over the years, the Reserve Bank has not only consistently emphasised that consumer protection is integral to financial stability but has also translated this principle into a comprehensive institutional framework through the RBI Ombudsman mechanism, the Internal Ombudsman framework and robust regulatory expectations for customer service. Together, this framework reflects our belief that a financial system can be considered truly strong when customers are confident that their concerns will be heard, examined impartially and resolved within a reasonable time.

5. Every unresolved grievance carries a cost. It is not merely a financial cost. It is a cost in terms of customer confidence, institutional reputation and, ultimately, regulatory attention. More importantly, it represents a missed opportunity for the institution to demonstrate fairness, responsiveness, and accountability.

6. The ideal grievance redress framework, therefore, is one where the customer's concern is resolved at the earliest possible opportunity and at the lowest possible level within the institution.

7. A grievance is not merely a complaint; it is a moment when the customer is asking the institution to reaffirm the relationship. How the institution responds at that moment often shapes the customer's perception far more than the original issue that gave rise to the complaint.

The role of Internal Ombudsman – the institution’s final opportunity

8. The importance of a robust grievance redress framework has only grown as the financial ecosystem has become larger, more digital and highly interconnected. This is where the Internal Ombudsman mechanism assumes critical importance.

9. The Reserve Bank introduced this framework with a clear philosophy that it presents the institution with an opportunity to correct an error, address an unfair outcome and provide the customer with a meaningful resolution, from within the entity itself.

10. If Internal Ombudsmen perform their role effectively, escalations outside the institution—whether to the RBI Ombudsman or to other forums—should naturally decline.

11. The success of the Internal Ombudsman framework can be assessed by questions like:

(i) How many complaints were resolved fairly without requiring external intervention?

(ii) How many complaints were prevented from escalating further?

(iii) How many systemic improvements resulted from the insights generated by the Internal Ombudsman?

12. These, in my view, are the metrics that truly reflect the effectiveness of the Internal Ombudsman framework.

Independence – the defining characteristic of an Internal Ombudsman

13. The very title "Ombudsman" carries with it a clear expectation. It signifies independence, neutrality and fairness. These are not merely desirable attributes; they are the defining characteristics of the role.

14. The Internal Ombudsman functions within the organisation but must never become merely another part of its internal approval chain. A mechanical concurrence with the institution's earlier decision does not fulfil the purpose for which the framework was established.

15. The question before the Internal Ombudsman should therefore not be confined to asking, "Was the procedure followed?" Equally important are the larger questions:

(i) Was the customer treated fairly?

(ii) Was the outcome reasonable in the circumstances?

(iii) Would the institution arrive at the same conclusion if it examined the matter afresh with complete objectivity?

16. Rules and procedures are, of course, essential for consistency and sound governance. However, customer service failures often arise not because there was no process, but because the process was applied without adequate appreciation of the customer's circumstances.

17. The Internal Ombudsman must therefore bring something that no process manual can fully prescribe—independent judgement, fairness and empathy. These qualities transform grievance redress from a procedural exercise into a meaningful resolution for the customer.

From complaint closure to meaningful resolution

18. One area where all regulated entities need to reflect is the distinction between complaint closure and complaint resolution. The two are not always the same.

19. A complaint may be technically closed because a response has been provided or the prescribed process has been followed. But from the customer's perspective, the issue may still remain unresolved. We must therefore guard against a situation where grievance redress becomes an exercise in explaining why the institution was right, rather than examining whether the customer has received a fair outcome.

20. Timeliness is equally important. A delayed resolution, even if eventually favourable to the customer, often fails to address the inconvenience, uncertainty and anxiety experienced during the intervening period. In the context of customer service, delayed redress can also diminish confidence in the institution.

21. Institutions must therefore judge the effectiveness of their grievance redress mechanism not merely by the number of complaints disposed of, but by the quality of the resolution provided. In my view, every grievance should be assessed on three simple parameters:

(i) Was the response timely?

(ii) Was the outcome fair?

(iii) Was the communication clear and transparent?

22. A customer may not always receive the outcome that they expect. However, every customer deserves a fair hearing, a reasoned decision and a transparent explanation. Even where the institution is unable to provide the relief sought, the customer should leave with the confidence that the grievance was examined objectively and decided fairly.

Root cause analysis – moving from correction to prevention

23. Equally important is the need to move beyond individual complaint resolution to institutional learning.

24. Every complaint is a valuable source of information. Complaints tell us where products may not be meeting customer expectations, where processes may be breaking down, where communication may be inadequate, or where operational controls may need strengthening.

25. The role of the Internal Ombudsman should therefore extend well beyond reviewing individual complaints. Internal Ombudsmen are uniquely placed to identify patterns, detect recurring issues and provide valuable feedback to senior management and the Board.

26. If the same category of complaints continues to recur, the question should not merely be, "How do we dispose of these complaints more quickly?" The more fundamental question is, "Why do these complaints continue to arise in the first place?"

27. A hundred complaints relating to the same issue are seldom a hundred independent problems. More often, they point to one underlying deficiency appearing repeatedly in different forms.

28. An effective root cause analysis should therefore lead to tangible improvements—whether through process redesign, better customer communication, product refinement, staff training or stronger internal controls.

29. The true measure of an effective grievance redress framework is not simply how efficiently complaints are handled. It is whether the institution learns from those complaints and succeeds in reducing the likelihood of similar grievances arising in the future.

Expectations from Boards and senior management

30. An effective Internal Ombudsman framework depends on the environment created by the Board and the regulated entity's senior management.

31. The Board sets the tone for the organisation. If customer-centricity is viewed merely as a compliance requirement, the grievance redress mechanism will inevitably become a compliance exercise. On the other hand, when the Board views customer service as an integral part of good governance, that philosophy permeates the organisation and reflects in every interaction with the customer.

32. The Board and its Customer Service Committee should therefore not view complaint data merely as statistics or management information. Complaint trends are valuable business intelligence. Rising complaints in a particular product, geography, delivery channel or process often serve as early warning signals of underlying weaknesses that require management attention.

33. It is equally important that the Internal Ombudsman should feel empowered and have the institutional space to present independent assessments. The Internal Ombudsman should be regarded as a valuable source of feedback and institutional learning.

34. There is another aspect that deserves particular attention.

35. It is observed that a significant proportion of complaints ultimately resolved in favour of customers at the RBI Ombudsman level were not referred to the Internal Ombudsman in the first place. This is a matter of serious concern because it undermines the very purpose of the Internal Ombudsman framework.

36. I would therefore urge all the regulated entities to review their internal grievance redress processes carefully. Every complaint that must be referred to the Internal Ombudsman should be referred promptly and without exception. Equally important, complaint management systems should be designed to prevent complaints from inadvertently bypassing the Internal Ombudsman process due to classification issues or process deficiencies.

37. Ultimately, the effectiveness of the Internal Ombudsman framework will depend not only on the capability and independence of the Internal Ombudsman, but also on the commitment of the institution's leadership to make the framework work in both letter and spirit.

Technology and evolving customer expectations

38. Technology has transformed financial services in ways that would have been difficult to imagine even a decade ago. Technology has undoubtedly enhanced convenience and expanded access to formal finance.

39. At the same time, technology has also reshaped customer expectations. A customer who can complete a financial transaction in a matter of seconds naturally expects that an error or failed transaction will also be resolved with similar speed and efficiency. While grievance resolution may not always be instantaneous, institutions must continuously strive to reduce delays and make the process simpler, more transparent and more responsive.

40. Technology also presents significant opportunities to strengthen grievance redress. Complaint analytics, trend analysis and early warning indicators can help institutions identify emerging issues, detect recurring patterns and initiate corrective action before concerns become widespread. Used effectively, these tools can transform complaints from isolated events into valuable management insights.

41. However, while technology can improve efficiency, it cannot replace judgment, fairness or empathy. Every complaint represents an individual customer's experience, and every customer expects to be treated with dignity, objectivity and respect. These qualities will continue to distinguish truly customer-centric institutions, irrespective of the technology they deploy.

Conclusion

42. As I conclude, let me return to the central theme of my address today.

43. The Internal Ombudsman framework represents a simple but important principle—that every regulated entity should have the ability and the willingness to resolve customer grievances fairly within the institution itself.

44. My ask from all Internal Ombudsmen is just these three aspects:

(i) Be independent in your judgement.

(ii) Be fair in your approach.

(iii) Be the voice that brings the customer's perspective into institutional decision-making.

45. To the Boards, senior management and Principal Nodal Officers, my request is equally important. Empower your Internal Ombudsmen, value their independence, and treat their insights as opportunities to strengthen your institution.

46. If we succeed in doing this, the benefits will extend well beyond individual complaint resolution. Customers will receive fairer outcomes, institutions will strengthen their internal processes, and unnecessary escalation of complaints to the RBI Ombudsman and other external forums will naturally reduce.

47. Ultimately, the success of the Internal Ombudsman framework will not be measured by the number of complaints handled. It will be measured by customers' confidence that their concerns will receive a fair hearing and an impartial resolution within the regulated entity itself.

48. I am confident that today's conference will provide an excellent opportunity to exchange ideas, share experiences, and identify practical ways to further strengthen the Internal Ombudsman framework across regulated entities.

49. I thank all of you for taking the time to participate in this conference. I wish the deliberations every success.

50. Thank you. Jai Hind.

Topics

Acts Income Tax