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Below the quote on the MPC Policy announcement by Akshay Mehrotra, Co-Founder and CEO, Fibe

“RBI had introduced the Internal Ombudsman (IO) Scheme with the purpose of streamlining customer complaints and ensuring fair and efficient resolution of the complaints. The consolidation of the IO guidelines will further enhance transparency and significantly reduce the timeline for escalation and resolution of complaints. It will also ensure the overall efficiency of the grievance redressal system. This move will further empower the customers and safeguard them while enabling financial institutions and NBFCs to take a fair, customer-centric approach while offering services to customers. Customer trust and confidence play a critical role in the overall growth and efficiency of the financial ecosystem and RBI’s decision will further give a boost to financial stability and promote innovation in the long-term.”

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