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In order to strengthen customer grievance redress mechanism in banks, the RBI has decided to put in place a framework comprising of enhanced disclosures by banks on customer complaints, recovery of cost of redress from banks for maintainable complaints received against them in OBOs in excess of the peer group average, and undertaking intensive review of the grievance redress mechanism and supervisory action against banks that fail to improve their redress mechanism in a time bound manner.In order to strengthen customer grievance redress mechanism in banks, the RBI has decided to put in place a framework comprising of enhanced disclosures by banks on customer complaints, recovery of cost of redress from banks for maintainable complaints received against them in OBOs in excess of the peer group average, and undertaking intensive review of the grievance redress mechanism and supervisory action against banks that fail to improve their redress mechanism in a time bound manner.taxmann.com Latest Statutory HappeningsRead More