An RBI panel oversees customer service standards in financial institutions
Bombay:
Reserve Bank of India (RBI) said Monday it has set up a committee to evaluate the effectiveness, adequacy and quality of customer service at banks, non-bank finance companies (NBFCs) and other entities it regulates.
The six-member committee headed by former RBI deputy governor BP Kanungo has been asked to submit a report within three months of the date of its first meeting, the central bank said in a statement.
“Evaluate the effectiveness, adequacy and quality of customer service in entities regulated by RBI against existing RBI guidelines for customer service and identify any gaps,” is one of the job descriptions given to the panel.
It will also assess 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 actions.
In addition, it was also asked to identify best practices, adopted globally and domestically, in customer service and complaint handling, particularly for improving services to private and small customers, including retirees and seniors.
Proposing measures to leverage technology to improve customer service efficiency, upgrade the internal grievance mechanism in regulated entities, and strengthen RBI’s overall consumer protection framework is another task assigned to the panel.
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