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Mumbai, India, May 24, 2022 -- A six-member panel has been set up by the Reserve Bank of India (RBI) to review customer service standards in all entities regulated by it. The committee, headed by former RBI deputy governor B P Kanungo, will also suggest measures to improve customer service. The RBI-regulated entities include banks, finance companies, payment companies, credit card issuers and bond houses. Earlier, the RBI had set up the Banking Codes and Standards Board of India (BCSBI). However, the BCSBI took a back seat with the RBI setting up an in-house consumer education and protection department, which issued the charter of consumer rights and strengthened the office of the ombudsman.

Besides Kanungo, the panel would include IBA chairman & Punjab National Bank MD & CEO A K Goel, IDRBT’s former director A S Ramasastri, and All India Bank Depositors Association’s honorary secretary Amitha Sehgal. The other two members are professor of law Rajeshri Varhadi, and RBI ED Anil Kumar Sharma.

The panel’s terms of reference include evaluating the adequacy of customer services vis-a-vis RBI guidelines, reviewing the customer service landscape given growing digital products & distribution, identifying best practices, and suggesting measures to leverage technology for customer service.

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Posted by Veronica Silva Cusi, news correspondent
Source: https://timesofindia.indiatimes.com

Date Posted: Wednesday, May 25, 2022