The report “Public sector banks account for bulk of customer complaints in 2011-12” (November 9) makes one wonder whether the banks would show any improvement in the current year. The Reserve Bank of India (RBI), in its circular dated September 3, 2012, directed banks to issue only CTS (cheque truncation system)-2010 cheques after September 30, 2012. With just about two months before these cheques become invalid, at least one public sector bank, Central Bank of India, continues to flout the RBI directive. As late as October 31, 2012, customers have been issued cheque-books that are not in accordance with the stipulated CTS-2010 standard by their Hadapsar (Pune region) branch. Is this not wasteful expenditure, customer harassment, and deficiency of services? Perhaps, the solution lies in the su-motu action by the ombudsman on flouting of RBI’s directives.
Angelo Extross Pune
Letters can be mailed, faxed or e-mailed to:
The Editor, Business Standard
Nehru House, 4 Bahadur Shah Zafar Marg
New Delhi 110 002
Fax: (011) 23720201
All letters must have a postal address and telephone number
This refers to the report “UBS fined $47.5 million in rogue trading scandal” (November 27). Despite robust internal controls and risk management ...
Lower tax payouts from FY17 to boost earnings
Stock a favourite of most analysts; immediate upside may be limited