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RBI sets up committee to review customer service standards

The six-member committee will also look into the adequacy of customer service regulations and suggest measures to improve customer service, the RBI said in a release

May 23, 2022 / 06:03 PM IST

The Reserve Bank of India (RBI) on May 23 set up a six-member committee to examine and review customer services in regulated entities with an aim to protect the interests of customers.

The committee will also look into the adequacy of customer service regulations and suggest measures to improve customer service, the banking regulator said in a release.

The committee, which will be chaired by former RBI deputy governor BP Kanungo, will submit its report in three months from the date of its first meeting.

The RBI is looking to enhance customers’ experience in banking and make sure that grievances are quickly addressed–both by regulated entities and the central bank.

The committee would review the emerging and evolving needs of the customer service landscape, especially in the context of evolving digital and electronic financial products and distribution landscape and suggest suitable regulatory measures, the RBI said.

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It will also identify the best practices, adopted globally and domestically, in customer service and grievance redressal.

The committee is also expected to suggest measures to leverage technology for enhancing customer service efficiencies, upgrading internal grievance redress mechanism and strengthen the overall consumer protection framework of the central bank.

The RBI has taken strict actions against banks for deficiency in services, particularly in digital banking. It has also ordered review and audit of these services.

 
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first published: May 23, 2022 06:03 pm
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