RBI Panel Suggestions: The banking sector is expanding rapidly in the country. Keeping this in view, the Bank is continuously making efforts to improve the quality of service provided to its customers. The Reserve Bank of India (RBI) is striving to provide better service to the bank customers, protect them from banking frauds and provide international standard banking services through latest technology. The report of the committee constituted by RBI to improve the quality of banking facilities has been submitted.
Customer’s account should not be closed due to non-KYC
The committee constituted under the chairmanship of former RBI Deputy Governor BP Kanungo has suggested banks to take some steps in the interest of the customers. The most important recommendation given by the Kanungo committee is that banks should not close the customer’s account in the absence of KYC. The committee has recommended creating a system that does not require repeated KYC. Similarly, the customers who have taken home loans have also been told to give property papers on time.
Recommendations made by the committee:
Bank employees should be trained to behave better with the customers. All ATMs should have the same information system. Banks should take special steps to prevent digital fraud. There should be an easy system for lodging complaints for customers dissatisfied with the service. Arrangements should be made for better protection of bank customers from cybercrime.
A common portal should be made for complaints.
Recommendations were also made for timely registration and disposal of customer complaints. Every year more than one crore bank customers make various complaints in the country. There should be a common portal for all of them so that both lodging and redressal of complaints is easy. It will also be known whether action is being taken or not.
It was also suggested by the committee that after the death of the account holder, the settlement of claims of the heirs should be done online. Also suggested to the banks to show flexibility in submitting life certificates on behalf of pensioners. The report states that in case of loss of property documents, banks and financial institutions should not only be obliged to help in obtaining certified registered copies of the documents at their own cost but also pay adequate compensation.
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