RBI Governor Malhotra Urges AI for Customer Complaints
Why in the news
RBI Governor Sanjay Malhotra asked RBI-regulated entities to harness artificial intelligence within internal controls to tackle complaints about misselling and aggressive sales practices.
Key facts
- 95 commercial banks logged over 10 million customer complaints in FY 2023-24.
- He cautioned that the count could rise with a bigger customer base and product range unless banks act early.
| Suggested AI use | Purpose |
|---|---|
| Data analysis | Detect spikes in ATM failures and erroneous charges; send preemptive alerts |
| Chatbots and voice recognition | Overcome language barriers in a diverse country |
Way forward
- Invest in human capital to improve customer service and strengthen grievance redressal.
Exam angle
- RBI Governor: Sanjay Malhotra.
- Terms: misselling, grievance redressal, AI-driven chatbots.