Committee Recommends Customer Friendly Services to RBI

Committee Recommends Customer Friendly Services to RBIReserve Bank of India’s approval, on various recommendations made by a committee to improve the customer services by banks, is expected to solve many problems. With the implementation of recommendations, the customers will enjoy improved banking services.

The committee is being controlled by previous Sebi chief M Damodaran, who has proposed certain guidelines, which if followed can prove to be consumer-friendly. The major issue being resolved from the recommendations will be the fluctuation in the interest rates that provided privilege only to the upcoming customers.

The committee has also proposed to extend the limit of the payable amount by banks to customers ranging from Rs 1 lakh to Rs 5 lakh. Moreover, it suggests that customer should not be liable to pay for loss of ATM or an online transaction, thereby providing with the facility to block the cards by just sending a command through text message.

Further, the committee demanded a single toll free telephone number for customers, which can handle issues related to all the private and public sector banks. The recommendations also consist of detail information about the charges of all the banking services, penalties to be paid by customers. The committee has also focused on the improvements required in the senior citizen section and pensioners, which insists on submission of life certificate in any centre of the bank to receive the facilities.