India, July 20 -- Reserve Bank of India (RBI) Deputy Governor Swaminathan J has called on internal ombudsmen (IOs) of banks and other regulated entities to ensure that customer complaints are resolved in a fair, timely and effective manner. Addressing the Third Annual Conference of Internal Ombudsmen in Mumbai, he stressed that the role of IOs goes beyond regulatory compliance and is crucial in building customer trust and confidence in the financial system.

The Deputy Governor said internal ombudsmen should act independently and objectively while reviewing complaints that customers believe have not been handled satisfactorily by financial institutions. He emphasised that grievance redressal mechanisms should focus on transparency, accoun...