RBI-constituted panel to review customer service standards in banks, NBFCs

The RBI on Monday said it has set up a committee to evaluate the efficacy, adequacy and quality of customer service in banks, NBFCs, and other entities regulated by it.

The six-member committee headed by former RBI deputy governor B P Kanungo has been asked to submit a report within three months from the date of its first meeting, the central bank said in a statement.

"Evaluate the efficacy, adequacy and quality of customer service in entities regulated by RBI vis--vis the existing RBI guidelines on customer service and identify gaps, if any," is one of the terms of reference given to the panel.

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 and suggest suitable regulatory measures.

Besides, it has also been asked to identify the best practices, adopted globally and domestically, in customer service and grievance redressal, especially for improvement in services rendered to retail and small customers, including pensioners and senior citizens.

Suggesting measures to leverage technology for enhancing customer service efficiencies, upgrading internal grievance redress mechanism in Regulated Entities and strengthening the overall consumer protection framework of RBI, is another task given to the panel.

Other members of the panel are: 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 (Executive Director, RBI).

The RBI further said the Committee may also invite domain experts and RBI officials for consultations and/or to participate in its deliberations.