RBI asks banks to improve consumer services

RBI asks banks to improve consumer servicesThe Reserve Bank of India (RBI) has asked the other banks to improve their customer services, after a lot of complaints were lodged against them by the consumers.

The apex bank is also said to be planning of setting up of a new committee that would look into the issues faced by Indian consumers. The main aim of this committee would be to quicken the pace of redressals. It said that the banks, particularly the national ones are not able to cater to the needs of the small customers.

RBI has also asked the board of the banks to give more time and thought to the issue as it is what makes them stand apart from the others.

The bank said in its Monetary Policy statement for the year 2010-11 that the quality of consumer service is gaining critical importance. Fair treatment is also required since banks are special public utility vehicles and they should not forget that.

It also said that although there is a customer grievance mechanism in most of the banks, the actual service that it provides is far less than what is expected out of it. Moreover, greater focus should be given to the small customers and the pensioners.