New Delhi, March 27 -- The Reserve Bank of India (RBI) has outlined a three-step process for customers seeking redressal of grievances against regulated entities, such as banking institutions, NBFCs, credit information companies, and payment system participants.

This ensures complaints are addressed at the appropriate level before any further escalation.

To keep the process streamlined, customers should first file their complaints with the concerned regulated entity (RE). This allows the institution to attempt to resolve internally. The RBI has emphasised that this step is mandatory and customers cannot skip it.

After filing a complaint, customers get a reference number or an acknowledgement slip. This document serves as proof of the c...