RBI to roll out AI-driven system to protect interests of bank customers

Mumbai, May 30: In order to protect the interests of customers of banks and NBFCs, the Reserve Bank plans to focus on embedding AI and other related tools in the complaint management system (CMS) to facilitate lodging of complaints with ease and ensure greater consistency in the decision-making process, according to the RBI’s annual report released on Thursday.

The Internal Grievance Redress (IGR) framework would be further strengthened to encourage banks to take proactive measures to improve customer service, the report states.

Going forward, the Reserve Bank will continue to endeavour to proactively take appropriate measures in the best interest of the economy to ensure a stable and strong financial system, while being mindful of risks stemming from the evolving technology, innovations, business practices and growing complexities in the financial sector, according to the RBI report.

For payment systems, the focus would be on consolidation of measures to enhance customer centricity, promote innovation and support expansion. Under the ‘integrity’ pillar, the Central Payments Fraud Information Registry (CPFIR) is planned to be extended to local area banks, state cooperative banks, district cooperative banks, regional rural banks and non-scheduled UCBs for payment fraud reporting.