RBI Governor Sanjay Malhotra has asked banks not to call customers repeatedly to submit 'Know Your Customer' (KYC) documents. Speaking at the annual conference of RBI Ombudsmen, Malhotra said, "We need to ensure that once the documents are submitted by the customer to the financial institution, there will be no insistence on retrieving the same documents again."
RBI Governor expressed regret over this time
RBI Governor expressed regret over the fact that most of the banks and non-banking financial companies (NBFCs) have not provided their branches or offices with the facility to obtain information from the central database. This causes inconvenience to the customers. Keeping in mind the interest of all, this can be facilitated soon.
Malhotra said that banks need to improve customer services and it is also their duty. His remarks came at a time when bank customers are complaining of inconvenience on social media platforms due to repeated requests to submit KYC.
Banks should not misclassify customer complaints
The RBI Governor warned banks not to misclassify customer complaints. Doing so is a gross regulatory violation. He said, in 2023-24, banks had received one crore customer complaints. If complaints received against other regulated entities are included, this number will increase further. Of these complaints, 57 percent required mediation or intervention of the RBI Ombudsman.
Photo: ANI
