Highlights:
• Six-member committee, led by former RBI deputy governor B P Kanungo
• Three months given from the date of its first meeting to submit a report
The Reserve Bank of India announced on May 23 that it has formed a committee to assess the efficacy, adequacy, and quality of customer service in banks, NBFCs, and other regulated entities.
The six-member committee will be led by former RBI deputy governor B P Kanungo, who has been given three months from the date of its first meeting to submit a report, according to the central bank.
Overview
One of the panel’s terms of reference is to “evaluate the efficacy, adequacy, and quality of customer service in entities regulated by RBI in comparison to existing RBI customer service guidelines and identify gaps, if any.”
It will also examine the customer service landscape’s emerging and evolving needs, particularly in the context of evolving digital/ electronic financial products and distribution landscapes, and recommend appropriate regulatory measures.
Best practices in customer service
It has also been asked to identify the best practices in customer service and grievance redressal, both globally and domestically, with a focus on improving services to retail and small customers, including pensioners and senior citizens.
Improve customer service efficiencies
Another task assigned to the panel is to recommend measures to leverage technology to improve customer service efficiencies, upgrade internal grievance redress mechanisms in Regulated Entities, and strengthen the RBI’s overall consumer protection framework.
A K Goel (Chairman IBA and MD & CEO, PNB), A S Ramasastri (former Director, IDRBT), Amitha Sehgal (Hon. Secretary, AIBDA), Rajeshri N Varhadi (Professor, University of Mumbai), and Anil Kumar Sharma are among the other members of the panel (Executive Director, RBI).
The RBI also stated that the Committee may consult with domain experts and/or invite RBI officials to participate in its deliberations.
