For cost-effective, quick grievance redressal related to banking sector, the Reserve Bank has instituted Banking Ombudsmen in each of our Regional Offices. Other regulators have also setup ombudsman in their areas. However, banks/financial institutions should realize that improved customer awareness/ service and effective grievance redressal at their level alone can substantially reduce the number of complaints going to Ombudsmen.
But it would be wrong to assume that this goes for everyone in our society. Regarding the future of cash, at least for the foreseeable future, central banks should make sure that cash remains accessible, available and affordable – for everyone. At De Nederlandsche Bank, we even advise people to carry some cash. For instance in case card networks are down.