Standing Committee To Monitor Public Services

Mumbai, Nov 3: | Updated: Nov 4 2003, 05:30am hrs
In order to benchmark the current level of services, the Reserve Bank of India (RBI) has proposed to set up a standing committee to monitor the procedure and performance on the gamut of public services provided by the apex bank.

The committee will review the progress periodically, enhance the timeliness and quality, rationalise the processes taking account of technological developments and suggest appropriate incentives to facilitate change on an ongoing basis.

The committee will have two functions: (i) to undertake procedure and performance audit on public services and regulatory clearance in RBI, (ii) advise and co-ordinate with the ad-hoc committees on customer services proposed to be set up by banks for rationalisation of instructions on procedures prescribed by RBI that impinge on the customer services of banks.

The committee will submit an annual report on RBI on its work to be placed before board of RBI. The central bank renders services to the public in areas such as distribution exchange of currency and coins; issuance, redemption and servicing of government securities and relief bonds payments/ receipts related to government transactions.

It has been the continuous endeavour of RBI to improve the quality of its public services to the common persons and reduce transaction costs as well time both for RBI and the citizens/organisations concerned. With the setting up of a Regulations Review Authority (RRA) and grievances Redressal Cells at Regional offices of RBI, there has been considerable improvement in this regard.