RBI sets up panel to review customer service standards at banks, NBFCs, payment operators

Reserve Bank of India (RBI)

The Reserve Bank of India (RBI) constituted a committee that would examine the state of customer service in banks, non-banking financial companies (NBFCs) and payment operators.

The committee will also suggest measures to improve customer service in RBI Regulated Entities (REs).

The six-member committee comprises B P Kanungo, former Deputy Governor, RBI; A K Goel, chairman of IBA and MD & CEO, PNB; Dr AS Ramasastri, former director of IDRBT; Dr Amitha Sehgal, secretary, All India Bank Depositors Association (AIBDA); Dr Rajeshri N Varhadi, professor, Department of Law, University of Mumbai and Anil Kumar Sharma, executive director of RBI.

Chief General Manager, Consumer Education and Protection Department, Central Office, Reserve Bank of India will be the member secretary of the Committee.

The committee will evaluate the efficacy, adequacy and quality of customer service in entities regulated by RBI vis-à-vis the existing RBI guidelines on customer service. It will also review the emerging and evolving needs of the customer service landscape, especially in the context of evolving digital/electronic financial products and distribution landscape.

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Moreover, the committee will suggest measures to leverage technology for enhancing customer service efficiencies, upgrading internal grievance redress mechanism in REs and strengthening the overall consumer protection framework of RBI.

The committee will submit its report within three months from the date of its first meeting.

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