The Bangladesh Bank has directed non-bank financial institutions to activate their three-tier cells to expedite the disposal of complaints lodged by their customers.
In a circular on Monday, the central bank said the 2014 policy has instructions to form customer complaint cells at the head office, regional office, and branches of all non-bank financial institutions (NBFIs).
Now the money market regulator has asked the managing directors of all financial institutions to ensure those cells play a more active role in expediting resolution of customer complaints.
Instructions have been given for timely disposal and reporting of complaints in accordance with the policy of the central bank.
According to the circular, it has been seen recently that most customer complaints can be resolved by the internal complaint cells of the financial institutions, but the number of complaints for not resolving complaints is increasing. Indeed, some institutions are not even accepting complaints, which is why the central bank has given such instructions.
A senior official of the department concerned at the central bank said they have observed that many financial institutions are indeed following 2014 guidelines on resolving customer complaints. Nevertheless, by issuing the new circular, the institutions have been instructed afresh to be more effective in resolving complaints.
The circular said complaints of all types of customers such as depositors and borrowers should be received through acknowledgement of receipts in any department, including the head office of every financial institution.
Very sensitive complaints which do not require an investigation should be disposed of within three days and those that require an investigation should be resolved within two weeks.
Sensitive complaints involving a large sum of money have to be disposed within five days and general complaints must be resolved within three days.
Financial institutions have to submit overall customer complaint issues to the web portal of the central bank on a monthly or quarterly basis.