RBI guidelines ensure multilingual customer communication, quicker grievance redressal: Minister
"RBI's Master Circular on Customer Service in Banks states, inter alia, that all customer-facing materials at the branches of Scheduled Commercial Banks must be made available in Hindi, English, and the concerned regional language," Pankaj Chaudhary, Minister of State for Finance, said in a written reply in the Rajya Sabha.
Reinforcing this requirement, the RBI, through a letter on September 30, 2024, reiterated that all customer communications must invariably be issued in a trilingual format — Hindi, English, and the relevant regional language — to ensure transparency, clarity, and convenience for all, the Minister said further.
According to the minister, all banks have a robust board-approved grievance redressal mechanism in place to address complaints.
"Further, the Reserve Bank – Integrated Ombudsman Scheme (RB-IOS), 2021, provides a cost-free platform for redressal of complaints against RBI-regulated entities (REs) in matters relating to deficiency in service, if the grievance is not redressed or reply is not given by the RE within the prescribed timeline," Chaudhary said.
The government, through the Centralised Public Grievance Redress and Monitoring System (CPGRAMS) portal, has had a feedback call centre since June 2022, to assess citizen satisfaction after grievance disposal, and the feedback data gets forwarded to the banks concerned for appropriate action, the Minister informed.
Further, RBI's toll-free Contact Centre (14448), operational since November 2021, provides information on the grievance redressal mechanism, assistance in filing complaints, and updates on existing cases.
While the Contact Centre (CC) is available 24x7 through the Interactive Voice Response System (IVRS), the facility to connect to the CC personnel is available from Monday to Saturday (except National Holidays) in Hindi, English and 10 regional languages.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
4 minutes ago
- Economic Times
India's bond market signals extended rate pause despite low inflation
Bond dealers said the spread between the 10-year yield and the repo rate was lower in early 2025 because RBI's open market operations skewed the demand-supply balance in favour of bonds as the central bank absorbed much of the supply. India's bond market indicates a likely pause in the RBI's rate-easing cycle, despite retail inflation hitting an eight-year low. A surge in yields has significantly widened the spread between 10-year bonds and the repo rate, signaling market expectations of sustained policy hold. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Mumbai: India' bond market is signalling a long pause in the central bank's rate-easing cycle despite the retail inflation gauge falling to an eight-year low of 1.55%, way below Mint Road's ordinary legal mandate of 4%. A spike in yields has widened the spread between 10-year bonds and the repo rate to almost one percentage point-the most in 2025. "The widening of the spread between the 10-year yield and repo rate is an indication that the market is pricing in an extended policy pause," said Churchil Bhatt, executive vice-president, investment, Kotak Mahindra Life Insurance. "After the last monetary policy , market participants believe that the bar for further rate cuts is fairly high. Traders have given up hopes of an October rate cut."The spread widened to 99 basis points on Tuesday, compared with around 20 bps just before the Reserve Bank of India (RBI) started the rate-cutting cycle in February under its new governor Sanjay Malhotra. One basis point is a hundredth of a percentage traders now expect 5.5% as the terminal repo rate, against 5% expected before last week's policy. The central bank has eased rates by a cumulative one percentage point this as measured by the consumer price index (CPI) fell to 1.55% in July, below the lower bound of the central bank's target range of 2-6% with 4% as the mid-point. Economists had anticipated a CPI reading of below 2%.However, despite the low CPI print, the bond markets are not pricing in a rate cut in October because the central bank's projections show inflation would climb toward the end of FY26. The yield on the benchmark 10-year paper, which serves as the basis for pricing of corporate loans, closed on Tuesday at 6.49%, the highest since early central bank kept rates on hold and continued with a 'neutral' monetary policy stance last week. While this was expected, the absence of dovish stance along with RBI's inflation forecast of 4.9%-higher than its medium-term target-for the first quarter of next fiscal year dampened hopes of rate cut in October unless there is a sharp growth shock-whether domestic or external. Last week, the RBI retained the growth projection at 6.5%. "The combined fear of the rate cut cycle ending and a higher fiscal deficit-caused by weaker revenue and easing measures to support sectors hit by tariffs-has soured sentiment for the market," said Abhishek Upadhay, economist at ICICI Securities Primary dealers said the spread between the 10-year yield and the repo rate was lower in early 2025 because RBI's open market operations skewed the demand-supply balance in favour of bonds as the central bank absorbed much of the supply. The current widening of the spread should also, therefore, be viewed in the context of the absence of this demand.
Time of India
31 minutes ago
- Time of India
India's bond market signals extended rate pause despite low inflation
Mumbai: India' bond market is signalling a long pause in the central bank's rate-easing cycle despite the retail inflation gauge falling to an eight-year low of 1.55%, way below Mint Road's ordinary legal mandate of 4%. A spike in yields has widened the spread between 10-year bonds and the repo rate to almost one percentage point-the most in 2025. "The widening of the spread between the 10-year yield and repo rate is an indication that the market is pricing in an extended policy pause," said Churchil Bhatt, executive vice-president, investment, Kotak Mahindra Life Insurance. "After the last monetary policy , market participants believe that the bar for further rate cuts is fairly high. Traders have given up hopes of an October rate cut." The spread widened to 99 basis points on Tuesday, compared with around 20 bps just before the Reserve Bank of India (RBI) started the rate-cutting cycle in February under its new governor Sanjay Malhotra. One basis point is a hundredth of a percentage point. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Wildlife Cameras Capture What No One Should See Ohi Blog Undo Bond traders now expect 5.5% as the terminal repo rate, against 5% expected before last week's policy. The central bank has eased rates by a cumulative one percentage point this year. Bonds Corner Powered By RBI allows non-residents to invest rupee surplus in vostro accounts in G-secs The Reserve Bank of India (RBI) on Tuesday said non-residents maintaining special rupee vostro accounts (SRVA) can invest surplus balances in central government securities (G-secs). Debt funds witness best month of FY25 as investors return to safety and yield Indian bonds muted ahead of domestic, US CPI data Bond yields climb to steepest since April at 6.44% India bonds rangebound ahead of state debt supply, CPI data Browse all Bonds News with Inflation as measured by the consumer price index (CPI) fell to 1.55% in July, below the lower bound of the central bank's target range of 2-6% with 4% as the mid-point. Economists had anticipated a CPI reading of below 2%. However, despite the low CPI print, the bond markets are not pricing in a rate cut in October because the central bank's projections show inflation would climb toward the end of FY26. The yield on the benchmark 10-year paper, which serves as the basis for pricing of corporate loans, closed on Tuesday at 6.49%, the highest since early April. Live Events The central bank kept rates on hold and continued with a 'neutral' monetary policy stance last week. While this was expected, the absence of dovish stance along with RBI's inflation forecast of 4.9%-higher than its medium-term target-for the first quarter of next fiscal year dampened hopes of rate cut in October unless there is a sharp growth shock-whether domestic or external. Last week, the RBI retained the growth projection at 6.5%. "The combined fear of the rate cut cycle ending and a higher fiscal deficit-caused by weaker revenue and easing measures to support sectors hit by tariffs-has soured sentiment for the market," said Abhishek Upadhay, economist at ICICI Securities Primary Dealership. Bond dealers said the spread between the 10-year yield and the repo rate was lower in early 2025 because RBI's open market operations skewed the demand-supply balance in favour of bonds as the central bank absorbed much of the supply. The current widening of the spread should also, therefore, be viewed in the context of the absence of this demand.
Time of India
32 minutes ago
- Time of India
Is investing in T-bills via SIP a smart move compared to FDs?
Mumbai: The Reserve Bank of India (RBI) recently allowed individuals to invest in Treasury bills (T-bills) via the systematic investment plan (SIP) on the RBI retail direct platform . An ET analysis shows that bank fixed deposits offer at least 68 basis points higher returns compared to T-bills in the one-year segment. Conversely, T-bills fare better in 91-, and 182-day (3 and 6 months) segments offering around 55 bps over FDs of similar maturities. The RBI had earlier opened government securities trading to retail investors, and the decision to allow investment in T-bills is aimed at further enhancing retail participation in the bond market. With a minimum investment requirement of ₹10,000, investors can also auto-bid with options to invest and reinvest on the platform. Agencies Auto bidding will enable investors to automate their participation in weekly T-bill auctions that happen every Wednesday. Investors can choose an amount to be invested and the system would place bids on their behalf. That amount would be invested at the cut-off rate. Reinvestment of a maturing T-bill can also be automated on the platform. Bonds Corner Powered By RBI allows non-residents to invest rupee surplus in vostro accounts in G-secs The Reserve Bank of India (RBI) on Tuesday said non-residents maintaining special rupee vostro accounts (SRVA) can invest surplus balances in central government securities (G-secs). Debt funds witness best month of FY25 as investors return to safety and yield Indian bonds muted ahead of domestic, US CPI data Bond yields climb to steepest since April at 6.44% India bonds rangebound ahead of state debt supply, CPI data Browse all Bonds News with The RBI launched its retail direct platform in November 2021 with an aim to boost retail participation in government securities. Even as the number of registrations have doubled in the past two years, the total number does not indicate strong participation, experts say. Nearly half a million users have registered on this platform. Live Events
