Panel set up by RBI to review customer service standards in banks and NBFCs

The RBI said on Monday it had set up a committee to assess the efficiency, adequacy and quality of customer service in banks, NBFCs and other entities regulated by it.

The six-member committee headed by former RBI Deputy Governor BP Kanungo has been asked to submit a report within three months from the date of its first meeting, the central bank said in a statement.

“Assess the effectiveness, adequacy and quality of customer service in RBI-regulated entities against existing RBI customer service guidelines and identify gaps, if any,” is one of the terms of reference. given to the panel.

It will also examine the emerging and evolving needs of the customer service landscape, particularly in the context of the evolving digital/electronic financial products and distribution landscape, and propose appropriate regulatory measures.

In addition, it was also requested to identify best practices, adopted globally and nationally, in customer service and grievance resolution, in particular for the improvement of services rendered to individuals and small customers, including pensioners and the elderly.

Suggesting measures to leverage technology to improve customer service efficiency, upgrade the internal complaint resolution mechanism in regulated entities and strengthen RBI’s general consumer protection framework, is another task entrusted to the panel.

The other members of the panel are: AK Goel (IBA Chairman and MD & CEO, PNB), AS Ramasastri (former Director, IDRBT), Amitha Sehgal (Honorary Secretary, AIBDA), Rajeshri N Varhadi (Professor, University of Mumbai), and Anil Kumar Sharma (Executive Director, RBI).

The RBI further stated that the Committee may also invite experts in the field and RBI officials for consultations and/or to participate in its deliberations.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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