New Delhi, March 18 -- Reserve Bank of India Governor Sanjay Malhotra has issued a strong appeal to banks and non-banking financial companies to address the alarming increase in customer complaints, emphasising that quality service is essential for survival in today's competitive environment.

Speaking at the annual conference of RBI Ombudsmen on Monday, Malhotra highlighted concerning statistics showing that complaints under the RBI's Integrated Ombudsman Scheme grew at a compound average rate of nearly 50 percent annually over the past two years, reaching 934,000 in 2023-24.

The number of complaints processed by the RBI Ombudsman increased by 25 percent, from approximately 235,000 in 2022-23 to almost 294,000 in 2023-24.

Malhotra expr...