|At YOUR SERVICE
New Delhi, April 17 (PTI): Bank customers may soon expect better services and speedy redressal of their grievances as the Reserve Bank of India is likely to consider a fresh set of rules to improve customer service practices.
Almost a year after the RBI put in motion a process to improve customer service, a panel set up by the apex bank is ready to submit its recommendations later this month.
Sources said the panel was likely to suggest a tighter vigil by the RBI for banks lacking in customer service, monetary and procedural penalties.
Besides, banks may be asked to resolve various grievances within a pre-determined time.
The committee was constituted in June under the chairmanship of former Sebi chief M. Damodaran.
The panel, which comprises representatives from the banking industry, had completed its draft recommendations by January and was expected to submit the report in February. However, the panel decided to redraft the proposals after receiving fresh inputs from various stakeholders and its final recommendations are almost complete.
It will be the first major report on customer services after one in the early 1990s by the M.N. Goiporia committee, headed by the then SBI chairman.
The panel is also said to be in favour of giving more teeth to the banking ombudsman through legal measures. The Banking Ombudsman Scheme was established by the RBI in 1995 to provide speedy solutions to customer grievances.
The RBI will frame its final guidelines after studying the recommendations.
The banks will have to tell the customers beforehand about the expected time they will take to provide the services. The committee may also suggest reviewing the entire system of attending to customers, including the approach, attitude and fair treatment.