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

The RBI 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 BP Kanungo has been asked to submit a report within three months. 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).

  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.  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.

   Important Points for the exam:

• The RBI 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 is headed by former RBI deputy governor BP Kanungo.
• 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 committee will also review the emerging and evolving needs of the customer service landscape, especially in the context of evolving digital/ electronic financial products.

Facts to know:

• RBI headquarters: Mumbai

RBI is under the ownership of the Ministry of Finance