The Reserve Bank of India will soon unveil measures to revamp customer services in the banking industry. A committee, constituted by the RBI under the former Sebi chairman M Damodaran to prepare a report on the customer services, submitted its report to the central RBI on July 4.

Speaking to FE Damodran confirmed the development. The source added that the report, which runs in more than 160 pages, was likely to be put in the public domain by the apex bank shortly.

The committee was asked by the RBI to look into banking services rendered to retail and small customers, including pensioners. Also, the committee was asked to look into the system of grievance redressal mechanism prevalent in banks, its structure and efficacy and suggest measures for expeditious resolution of complaints.

Earlier speaking to FE KC Chakrabarty, deputy governor, RBI had said, ?Providing a good customer service is the job of the banks. If they don?t do so, customers will punish them. If need be, we will bring more competitors and we are working in that direction too by allowing more players. Customer laws have to be strengthened. My priority is to reach to people who are not getting any service at all,We are trying to create an ecosystem to make financial inclusion (FI) more robust.?

The committee which was formed in June last year and was supposed to submit its report within a period of four months from its first meeting was expected to submit the final report in June.

Some of the other members of the committee include Union Bank of India CMD MV Nair, former Indian Bank CMD MS Sundar Rajan, National Consumer Disputes Redressal Commission former member P Rajyalakshmi Rao, All India Bank Depositors? Association secretary Ashok Rawat and the former Banking Codes & Standards Board of India chief executive officer, BM Mittal.

Interestingly, the Karnataka high court had sought the committee report in connection to a public interest litigation PIL.

The PIL was against the service charges by banks from its customers for not maintaining minimum balance in their bank accounts.

Also, the PIL was against the interest being charged by the banks for the delay on the part of customers in the payment of credit card dues.