Key Points
Grievances dropped to 2.35 lakh in FY23 - a nearly 39% reduction from the 3.8 lakh recorded in FY21..
Between 2020-21 and 2022-23, the public sector banks category experienced the most substantial fall in grievances, declining from 1.75 lakh to 1 lakh..
Conversely, within the same period, the non-banking financial companies category saw an increase in grievances, climbing from 31,158 to 33,072 - an rise of 1,914 complaints..
Despite a sharp decline in grievances from the public sector, private, and foreign banks compared to the pandemic years, complaints against payment banks rose from 2,168 in FY21 to 3,456 in FY23...
The decline in complaints was due to the drop in grievances under the 'others' category, which dropped from 3.4 lakh in FY21 to 2.7 lakh in FY22 and further to 1.9 lakh in FY23..
