New rules soon for better service to bank customers
Almost a year after RBI put in motion a process to improve banks' customer service practices, a high-profile panel set up by the central bank in this regard is likely to submit its recommendations later this month.
Sources close to the matter said that the panel is likely to suggest a tighter vigil by RBI for banks lacking on customer service front, monetary and procedural penalties and other remedial measures to guard against such lapses.
Besides, banks may be asked to resolve various customer grievances within a pre-determined time period, they added.
The committee, constituted by RBI in June last year under the Chairmanship of former SEBI chief M Damodaran, is likely to submit its recommendations on required changes in existing policy framework and prevalent practices of customer service in banks, sources said.
The panel, which comprised representatives from banking industry, had completed its draft recommendations by January and was earlier expected to submit the report in February itself.
However, the panel decided to redraft the proposals after receiving some fresh inputs from various stakeholders in the matter, including the banks, and its final recommendations are almost complete now, sources said.
The panel took such a long time as it would be first major report on banks' customer services after a report in early 1990s submitted by the M N Goiporia committee, headed by the
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