Consumer Satisfaction Is Ultimate Test Of RBI's Success, Says Governor Sanjay Malhotra

Consumer trust has emerged as a central pillar of the Reserve Bank of India's regulatory agenda, with RBI Governor Sanjay Malhotra underscoring that citizen satisfaction is now the ultimate benchmark of the institution's success.

In an exclusive interview with NDTV Profit, Malhotra said that the RBI's outreach over the past year reflects a clear philosophy: the ordinary Indian is the final beneficiary of the financial system.

The shift has been accompanied by a series of targeted campaigns addressing persistent customer issues. "For example, we did a campaign for financial inclusion and re-KYC, starting July till October," he said, adding that this was to ensure accounts remain compliant and accessible.

This was followed by a coordinated campaign with other regulators, banks and the government to help citizens identify and claim unclaimed deposits — an area where awareness gaps have historically left large sums untouched.

More recently, the central bank has turned its attention to grievance redressal, launching a focused effort to reduce pending complaints with the RBI’s banking ombudsman. According to Malhotra, clearing these backlogs is critical to restoring confidence in institutional redress mechanisms.

On the regulatory front, the RBI has prioritised reforms that reduce procedural stress for customers, particularly in sensitive situations. One notable step has been the standardisation and simplification of the process for legal heirs to claim deposits of deceased account holders.

"There are a lot of issues sometimes for claiming the monies and deposits of the deceased," Malhotra said, adding that banks are now implementing the revised framework, which aims to cut delays and inconsistencies across institutions.

The RBI has also revamped its citizens’ charter to improve transparency and efficiency. Of the original 204 services listed, four approvals were removed after being deemed unnecessary, bringing the total to around 200. All services have now been moved online through a centralised portal for regulated entities seeking approvals, licences, registrations or clarifications.

The system is closely monitored, with performance data published monthly. The RBI receives about 25,000 applications each month across offices, with more than 99.5% delivered within stipulated timelines.

Taken together, these measures point to a broader recalibration of the RBI’s role to a visibly consumer-facing institution. Malhotra also made it clear that this is not a short-term push. Consumer service and satisfaction, he said, will remain core priorities for the central bank in the years ahead.