RBI Seeks Public Comments on Report on Customer Service of Banks
OREANDA-NEWS. August 3, 2011. The Reserve Bank of
Major recommendations of the Committee are:
Creation of a toll free common bank call number
Providing plain vanilla savings account without prescription of minimum balance
Setting up of third party Know Your Customer (KYC) data bank
Prescription of service charges for basic services
Providing small remittances at reasonable price
Providing floating rate housing loans on a non-discriminatory basis
Compensation for delayed return / loss of title deeds in the custody of banks
Zero liability against loss in ATM and online transactions
Enhancement of DICGC cover up to ` 5,00,000
Prepaid instruments up to ` 50,000/- for frequent travellers
Differential merchant discount / fee for debit cards
Self-personalisation of cards enabling customer to fix limits / area of operation / activation for international use
Instant blocking of ATM card through SMS -BLOCK for lost / misused cards
Transition to chip based card (EMV) with photograph
Chief customer service officer (CCSO) for grievance redressal in every bank
Submission of life certificate for pensioners in any Core Banking Solution (CBS) branch
Automatic updation of senior citizen status in CBS
Financial inclusion through branch expansions in the North -East
Moving towards paperless fund transfers
Ensure fulfillment of the tenets of customer service through inspections
The Reserve Bank of
the system of grievance redressal mechanism prevalent in banks, its structure and efficacy and suggest measures for expeditious resolution of complaints,
functioning of Banking Ombudsman Scheme, its structure, legal framework and recommend steps to make it more effective and responsive,
possible methods of leveraging technology for better customer service with proper safeguards, including legal aspects in the light of increasing use of Internet and information technology for bank products and services and to recommend measures to enhance consumer protection, and
the role of the Board of Directors of banks and the role of regulators in customer service matters.
The Committee interacted with various stakeholders across the country on all aspects of customer service - fair treatment, improvement in the service to pensioners, attitude of the bank staff towards the small and rural customers, service charges and fees, loans, transparency in operations, grievance redressal, promptness in service, education and information on new products, services, customer rights, expectations etc. It had called for suggestions from members of public. In response to the Committee’s appeal more than 1000 suggestions were received from public through e-mail, fax and post. Based on the interactions and suggestions received, the Committee submitted its report to the Reserve Bank on July 04, 2011.
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