Customer complaints against banks and non-bank financial institutions in Bangladesh are increasing annually, with a decline in the settlement rate, raising concerns about consumer protection measures. In the fiscal year 2022-23, Bangladesh Bank received 10,542 complaints, settling 82.36% compared to 91.42% in the previous year.
The decline is attributed to a 50% reduction in special inspections by the central bank, possibly linked to the ongoing election year. The expanding scope of banking services, the rise in card transactions, and the popularity of mobile banking contribute to the growing number of complaints. Effective resolution is crucial for sustainable sector growth. The Financial Integrity and Customer Services Department monitors irregularities and corruption within the industry. Complaints cover various categories, including general banking interruptions, customer service dissatisfaction, and legal notices.
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