The turnaround time (TAT) for complaints received within banks/FSPs and those referred to them by the Ombudsmen offices could then be reduced even further from the existing level of TAT.
Issues to address in Consumer Protection and Grievance Redressal The G20 High Level Principles on Financial Consumer Protection, adopted by the Organisation for Economic Cooperation and Development (OECD) in October 2011, inter alia, mandate that jurisdictions should ensure that consumers have access to adequate complaints handling and redressal mechanisms that are accessible, affordable, independent, fair, accountable, timely and efficient.