New Delhi, April 6 -- Reserve Bank of India (RBI) Governor Sanjay Malhotra does not seem to believe in slow starts. Soon after assuming office, he has shot multiple arrows from his regulatory bow. This has met with the customary scepticism, but a central bank governor's words have weight and can work through multiple regulatory channels.

It is, therefore, remarkable that he has chosen to address the issue of power hierarchies and asymmetries in the financial system, especially the disadvantageous position of individuals in the banking system. A little over three months into his tenure, he has decided to address the banking system's aversion to addressing customer grievances. Quoting official data, he said that the number of complaints re...