Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday urged regulated entities to enhance their grievance redress mechanisms as "certain gaps" have been identified in the systems and procedures of these entities.
"We have brought these deficiencies to the notice of individual banks and nonbanking financial companies (NBFCs). Our effort is to work with the regulated entities and rectify such deficiencies," Das said at the Annual Conference of the RBI Ombudsman.
The regulator had established an internal ombudsman (IO) mechanism in regulated entities to bolster their internal grievance redress processes.
Das said the functioning of the IO requires "considerable improvement".
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