RBI To Review Customer Service Standards in Banks, NBFCs
Moneylife Digital Team 26 May 2022
The Reserve Bank of India (RBI) constituted a six-member committee to examine and review customer services in banks, non-banking financial companies (NBFCs) and payment operators to protect interests of customers. RBI said in a release that the committee will also look into the adequacy of customer service regulations and suggest measures to improve customer service.
 
The committee will be headed by BP Kanungo, former deputy governor of RBI. The six-member panel includes AK Goel (chairman of Indian Bank’s Association-IBA and managing director and chief executive-MD&CEO of Punjab National Bank- PNB), Dr AS Ramasastri (former director, Institute for Development and Research in Banking Technology-IDRBT), Dr Amitha Sehgal (secretary, All India Bank Depositors Association- AIBDA), Dr Rajeshri N Varhadi (professor, department of law, University of Mumbai) and Anil Kumar Sharma (executive director, RBI). 
 
The panel has to submit its report within three months of its first meeting.
 
RBI is looking to enhance the customer’s experience in banking and ensure that grievances are addressed quickly—both by the regulated entities (REs) and the central bank.
 
The committee will review the emerging and evolving needs of the customer service landscape, especially in the context of evolving digital and electronic financial products and distribution landscape and suggest appropriate regulatory measures, RBI says.
 
It will also identify best practices adopted globally and domestically in customer service and grievance redressal, for significantly improving the services provided to retail and small customers, including pensioners and senior citizens in the country.
 
The committee will also suggest measures to leverage technology to enhance customer service efficiency, upgrade the internal grievance redressal mechanism in RBI REs and strengthen the overall consumer protection framework of RBI.
 
“Chief general manager, consumer education and protection department, central office, RBI will be the member secretary of the committee. The committee may also invite domain experts and RBI officials, as may be required, for consultations and/or to participate in its deliberations,” RBI added.
 
Comments
r_ashok41
1 month ago
When one goes to a bank even though it is our own money the way the staff act is they are doing a favour to keep our money there and do not respond well and basic thing is they need to be more pro active especially towards senior citizens who are sometimes made to wait for long hours to be attended.These are the legacy inherited from ages.Times have changed with technology but the staff attitude has not changed.
ssk.pab
1 month ago
Committee seems to have been formed with laudable objectives, as described in this article.
Would like to make few suggestions:
1. Circulate final recommendation for public comments-we the public do know where Banks short change us.
2. Make sure when a private citizen is forced to approach a senior authority at RBI with complaint against any Bank, he is not shooed away under the pretext that RBI does not entertain private complaints. Do remember that it is the failure at lower level within RBI that forces citizen to escalate his complaint.

3. Create a self regulating system whereby Banks are forced to act on a complaint failing which, the matter automatically reaches the highest levels within the Bank and RBI, where action has to be taken.
4. RBI to own full responsibility for any failure of any RBI employee - like Ombudsman, etc. - in discharge of his/her duty. This is to make sure Banks do not get tempted to manage these Offices/officers.
5. Keep strict time limit for attending to every complaint to the satisfaction of customers.
6. Before closing any complaint, get customer nod that his complaint is resoled to his satisfaction. That makes sure Banks do become responsive.
More suggestions will surely come when final draft of the recommendations is made available for public comments.
murkute
1 month ago
All PSB are made slaves by technology vendors. They TV think they are God when they are daemons. Father of these daemons tried to make 2+ 2 = 8 but thought he can play with sun and wind but he never knew that 2+2 is always 4. Dedicated to Murthy and his Minions.
r_ashok41
1 month ago
Take any public sector bank and you can see there is no customer service when one goes to bank no one seems interested to serve customers and have their own work and normally have seen ATM 's are not working and for passbook entry the printer is never working.I have seen this in the banks i have account and do not think it is any different in any other bank.
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