Mudra Compass

According to the most recent annual report, the Reserve Bank of India (RBI) recorded an average of 6.52 complaints per branch against RBL Bank from April 1, 2022, to March 31, 2023, through the offices of RBI Ombudsman (ORBIOs). This represents the highest rate of complaints per branch compared to any other private banks, as outlined in the report.

As per the RBI’s annual report released in March, there were a total of 3,486 complaints registered against RBL Bank. Among private banks, RBL Bank had the highest number of complaints per branch, with Kotak Mahindra Bank following closely with 3.82 complaints per branch and IDFC First Bank reporting 3.71 complaints per branch.

Between April 1, 2022, and March 31, 2023, the RBI received the highest number of complaints against ICICI Bank among private banks, totaling 16,602 complaints through ORBIOs. Following ICICI Bank, HDFC Bank had 14,979 complaints, and Axis Bank had 13,713 complaints during the same period.

The majority of complaints lodged against private banks centered on issues related to credit cards, with disputes concerning loans and advances ranking second in frequency. In contrast, public sector banks received significantly fewer complaints per branch compared to their private counterparts.

As per the report, the Reserve Bank of India (RBI) registered an average of 1.61 complaints per branch against the State Bank of India during the period from April 1, 2022, to March 31, 2023, through the ORBIOs. This represents the highest number of complaints per branch among public sector banks, as stated in the report. Following the State Bank of India, Bank of Baroda had 1.18 complaints per branch, and Punjab National Bank reported 1.14 complaints per branch.

Between April 1, 2022, and March 31, 2023, the highest number of complaints within Non-bank financial companies (NBFCs) were lodged against SBI Cards and Payment Services, totaling 9,455 complaints, followed by Bajaj Finance Limited with 2,950 complaints, as reported through the ORBIOs.

Against CIBIL

According to the most recent annual report, the Reserve Bank of India (RBI) received 796 complaints against Credit Information Bureau (India) Limited (CIBIL) from April 1, 2022, to March 31, 2023, through the RBI Ombudsman (ORBIOs). This marks the highest number of complaints against a credit bureau, as outlined in the report.

As per the RBI’s annual report released in March, a total of 1,039 complaints were reported against the Credit Information Companies (CICs). The majority of these complaints were related to loans and advances as well as credit cards lodged against CICs. For example, CIBIL received the highest number of complaints, with 581 regarding loans and advances and 42 concerning credit card disputes.

Until August 2022, individuals who had complaints against these Credit Information Companies (CICs) had no options if these firms did not address their concerns regarding inaccuracies in their credit reports. This situation led to financial hardships for many individuals, such as rejected loan applications or being unable to secure favorable interest rates from financial institutions due to lower credit scores.

There are several methods available to file a complaint with the ombudsman. You can submit your complaint online by visiting the website htttps://cms.rbi.org.in. Alternatively, you can register your complaint by sending an email to CRPC@rbi.org.in or by contacting the toll-free number 14448 at the contact center. Another option is to physically send your complaint by completing the form and mailing it to the ‘Centralized Receipt and Processing Centre’ established by the RBI in Chandigarh.