Current Affairs

RBI launches CMS on its website

The Reserve Bank of India (RBI) has launched a Complaint Management System (CMS) on its website for facilitating RBI's grievance redressal process.
RBI launches CMS on its website

About CMS:

  • It is a software application launched by RBI for lodging complaints against any regulated entity with public interfaces such as Commercial Banks, Urban Cooperative Banks (UCBs) and Non-Banking Financial Companies (NBFCs).
  • It is launched to facilitate RBI's grievance redressal process and also to improve customer experience in timely redressal of grievances.

Need for a CMS:

  • CMS is needed for maintaining trust and sustaining the confidence of consumers in the banking system and other financial service providers (FSPs), prompt and effective grievance redressal mechanism together with customers' empowerment through education.

More about CMS:

  • Keeping convenience of customers in mind, RBI has designed CMS in a way to enable online filing of complaints.
  • Once the complaint is registered, it would be directed to the appropriate office of the Ombudsman or Regional Office of RBI.
  • The application has the feature of keeping complainants fully informed via auto-generated acknowledgements and enabling them to track the status of their complaints as well as to file appeals online against the decisions of the Ombudsman, where applicable.
  • Complainants can also voluntarily share feedback on their experience in obtaining redressal thus helping the service provider to further improvise its services.
  • CMS will be accessible on desktop and on mobile devices.
  • In future, RBI also plans to introduce a dedicated Interactive Voice Response (IVR) system for tracking the status of complaints.
  • RBI can leverage the data from CMS for analytics purpose, which can then be used for regulatory and supervisory interventions if required.

Question:

Q. What has the Reserve Bank of India (RBI) launched on its website for facilitating its grievance redressal process? 
a. Grievance Management System (GMS)
b. Complaint Management System (CMS)
c. Grievance Redressal System (GRS)
d. Complaint Redressal System (CRS)
RBI launches CMS on its website RBI launches CMS on its website Reviewed by Neha on June 28, 2019 Rating: 5

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