RBI takes steps to make system consumer friendly

Decides to implement recommendations of FSLRC which deal with consumer protection, capacity building

With aim to improve quality of consumer service and protection, Reserve Bank of India will issue norms for providing public facing services in an time bound manner.

 

Similarly, it decided to implement recommendations of Financial sector Legislative Reforms Commission (FSLRC) which dealt with consumer protection and capacity building.

 

All instructions relating to consumer services/consumer protection would be consolidated and will be placed on the Reserve Bank’s website as a single group of instructions by end-March 2014. RBI will also examine if there are any gaps.

 

A Committee will be set up to examine capacity building, including basic and job specific knowledge requirements. The panel would also examine whether a system of formal certification is warranted for certain job descriptions within RBI, the financial entities, and market segments regulated by it.

 

The Central bank will examine its own public facing services and institute time-bound response guidelines where feasible and not already in place. Such guidelines will be placed on the Reserve Bank’s website by January 2014, it added.