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Bank Taking Too Long To Resolve Complaint? Know When You Can Claim Up To Rs 5,000 Compensation
NDTV Profit 3 hrs ago·18 Oct 2026, 10:19 am
Under the revised RBI guidelines, banks are now required to resolve customer complaints within a strict timeline. If a bank fails to address your grievance within 30 days, you are eligible to claim compensation of up to Rs 5,000. This rule applies to specific issues like unauthorised transactions, failure to provide account statements, or incorrect charges on your debit or credit card. The compensation is a penalty for the bank's delay and aims to improve their service standards.
For investors, this news matters because it highlights the regulatory push to protect retail depositors and cardholders. It ensures that financial institutions remain accountable for service lapses. While this compensation is a direct benefit to individual customers, it also signals a more regulated environment for banking services in India.
What to watch next is the actual implementation of these rules. Investors should look for reports on whether banks are upgrading their complaint resolution systems to meet the new deadlines. Improved service standards generally benefit the broader financial sector by reducing customer churn and enhancing trust in banking institutions.
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