RBI Complaint: According to the report, a total of 69,120 complaints were received in the April-June quarter of 2023-24. The number of complaints in the July-September quarter was 75,280. Similarly, in the April-June quarter, 24 percent i.e. 16,607 complaints were registered for not following the fair code of conduct regarding loans.
According to the report, a total of 69,120 complaints were received in the April-June quarter of 2023-24. The number of complaints in the July-September quarter was 75,280. Similarly, in the April-June quarter, 24 percent i.e. 16,607 complaints were registered for not following the fair code of conduct regarding loans. This number increased to 17,732 in the July-September quarter. The number of complaints related to mobile and electronic banking was 12,604 in April-June. 12,588 complaints were received in July-September. Complaints related to other products and services stood at 10,154 and 13,129 respectively.
18 crore accounts closed
According to the report, till March 2023 there were 304.9 crore bank accounts in the country. By September this number dropped to 287.1 crore. That means 17.8 crore accounts were closed during this period. On this basis, there are two accounts per person in the population of 140 crores. There are no details of closed accounts in the report, but it is believed that most of the closed accounts are of Jan Dhan. There are a total of more than 50 crore Jan Dhan accounts, out of which about 20 percent are expected to be closed.
Retail loans: disbursed at 25.5 percent every year
Banks and NBFCs have distributed retail loans at a rate of 25.5 percent annually between September 2021 and September 2023, i.e. in two years. However, the overall credit growth rate during this period was only 18.6 percent. According to the financial stability report of RBI, the share of retail loans in total credit was 37.7 percent in September 2021. It reached 42.4 percent in September 2023. Unsecured retail loans have increased by 27 percent, which account for 23.3 percent of the total retail loans.
The loans given by banks to NBFCs during June, 2021 to June, 2023 have increased by 26.3 percent. The overall loan growth rate of banks has been 14.8 percent. However, such loans have mostly been given to top rated NBFCs. 80 percent of the loans have been given to AA rated companies.
