RBI Monetary Policy: Committee For Review Of Customer Service To Be Set-up

The RBI has proposed to set up a committee to examine and review the state of customer service in the regulated entities and adequacy of customer service regulations and suggest measure to improve the same.

"RBI has progressively taken a number of measures, including laying down an elaborate regulatory framework on customer service and internal grievance redress at regulated entities (REs) as also putting in place the Ombudsman framework as far back as 1995, to ensure overarching protection for the customers of its REs. Regulatory instructions are issued to REs based on the conditions prevailing in the financial system, findings of conduct supervision, analysis of complaints received, and recommendations received from various Committees set up for this purpose. The important committees set up by RBI on customer service over the years include (i) Talwar Committee on Customer Service (1975), (ii) Goiporia Committee (1990), (iii) Tarapore Committee on Procedures and Performance Audit on Public Services (CPPAPS, 2004) and (iv) Damodaran Committee on Customer Service (2010)," the RBI has said.

The financial landscape is undergoing a revolutionary transformation consequent to the rising customer base of the banks, advent of digital products, technology platforms and service providers as also the rising volumes of digital transactions emerging from innovations in payment systems.