If you are tired of saving numbers of all the banks where you have accounts, good news is in store. According to suggestions by a committee formed by the Reserve Bank of India (RBI), there should be a common number for all the banking queries and grievance redressal, irrespective of which bank the customer chooses to have a relation with.
The Damodaran Committee has asked the Indian Banks' Association (IBA) to consider a single toll-free number for all banks. On calling, customers will be diverted to the respective banks.
The report asked IBA and banks to persuade the institutions that collect demand drafts to accept online payments. Issuance of demand drafts at nominal prices has also been suggested.
If the panel’s proposals are accepted, customers will instantly be able to block their ATM cards in case they are alerted of unauthorised withdrawal over SMSes by their banks.
“The customer should be able to immediately send a return SMS to block the card if he observes misuse with a single word like ‘BLOCK’ to prevent further withdrawals,” the report said.
Currently, a lot of time is wasted in locating the numbers for getting the cards blocked. Zero liability on losses incurred while using technology and electronic mode of payments, and immediate temporary credit to customers has been suggested by the report to instill more faith in electronic banking.