Bank customers may soon expect better services and fast-track redressal of their grievances as Reserve Bank of India (RBI) is likely to consider a fresh set of rules to improve the banks' customer service practices.
Almost a year after RBI put in motion a process to improve bank's customer service practices, a high-profile panel set up by the central bank in this regard is likely to submit its recommendations later this month.
The proposed recommendations may include penalties on banks for lapses on both implementation and maintenance of model customer service standards, they said.
The panel is also said to be in favour of giving more teeth to the Banking Ombudsman through necessary legal measures. The Banking Ombudsman Scheme was established by RBI in 1995 to provide speedy solutions to the grievances faced by bank customers.
Besides, the RBI might also be asked to consider putting more responsibility on the banks' key executives in terms of adopting better customer service standards and putting in place necessary checks against any lapses.
There has been a sharp increase in the number of customer complaints at various banks.
The Banking Ombudsman received as many as 79,266 complaints in the year 2009-10, the latest period for which data is available. This marked an increase of about 15% from 69,117 complaints received in 2008-09.
There are 15 offices of Banking Ombudsman spread across the country and RBI had initiated this step to provide an expeditious forum to bank customers for resolution of their complaints relating to deficiency in banking services.
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