RBI Panel To Monitor Customer Service Norms In Banks

An RBI panel will monitor customer service standards in financial institutions


Reserve Bank of India (RBI) on Monday said it has set up a committee to evaluate the efficacy, adequacy and quality of customer service in banks, non bank finance companies (NBFCs) and other entities regulated by it.

The six-member committee headed by former RBI deputy governor B P Kanungo has been asked to submit a report within three months from the date of its first meeting, the central bank said in a statement.

“Evaluate the efficacy, adequacy and quality of customer service in entities regulated by RBI vis-à-vis the existing RBI guidelines on customer service and identify gaps, if any,” is one of the terms of reference given to the panel.

It will also review the emerging and evolving needs of the customer service landscape, especially in the context of evolving digital/ electronic financial products and distribution landscape and suggest suitable regulatory measures.

Besides, it has also been asked to identify the best practices, adopted globally and domestically, in customer service and grievance redressal, especially for improvement in services rendered to retail and small customers, including pensioners and senior citizens.

Suggesting measures to leverage technology for enhancing customer service efficiencies, upgrading internal grievance redress mechanism in Regulated Entities and strengthening the overall consumer protection framework of RBI, is another task given to the panel.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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