RBI panel to take stock of banks' customer service

The committee constituted by the Reserve Bank of India (RBI) to look into the issue of customer service by banks to small borrowers including pensioners will hold its first meeting this month. It will submit its report within four months after the meeting.

The primary objective of the seven-member panel headed by former Security and Exchange Board Chairman M Damodaran will be to review the existing system of attending to customer service in banks — approach, attitude and fair treatment of customers from retail, small and pensioners’ segment.

The committee will review the role of the board of directors of banks and the role of regulators in customer service issues. The other members of the committee are P Rajyalakshmi Rao, former member of National Consumer Disputes Redressal Commission, New Delhi, Ashok Rawat of All India Bank Depositors’ Association, M V Nair, chairman, Indian Banks’ Association and chairman and managing director, Union Bank of India, B. M. Mittal, chief executive officer, Banking Codes and Standards Board of India, M S Sundara Rajan, former chairman and managing director of Indian Bank and S Gopalakrishnan, former chairman and managing director, Vijaya Bank, Chennai.

Kaza Sudhakar, chief general manager of customer service department of the RBI, will be the member secretary.

The members will also evaluate the existing system of grievance redressal mechanism prevalent in banks, its structure and efficacy and recommend measures for expeditious resolution of complaints. The committee is expected to lay down a suitable time frame for disposal of complaints.

It will also examine possible methods of leveraging technology for better customer service and review the functioning of banking ombudsman scheme. Also read: 
2 June: Damodaran to head RBI panel on improving customer services