RBI Panel Suggestions: Banking sector is expanding rapidly in the country. Keeping this in mind, continuous efforts are being made to improve the quality of service provided by the bank to its customers. Reserve Bank of India (RBI) is trying to provide better service to bank customers, protect them from banking frauds and provide international level banking service through latest technology. The report of the committee constituted by RBI to improve the quality of banking facilities has been submitted.
Customer’s account should not be closed due to non-KYC
The committee constituted under the chairmanship of former RBI Deputy Governor BP Kanungo has suggested banks to take some steps in the interest of the customers. The most important recommendation given by the Kanungo Committee is that banks should not close the customer’s account if there is no KYC. The committee has recommended to make such a system, which does not require repeated KYC. Similarly, it has been said to give property papers on time to the customers taking home loans.
Recommendations made by the committee:
Bank employees should be trained to behave better with customers.
There should be a system of giving the same type of information in all ATMs.
To prevent digital fraud, special steps should be taken by the banks.
The system for registering complaints should be easy for customers who are dissatisfied with the service.
Arrangements should be made for better security of bank customers from cybercrime.
A common portal for complaints should be made.
Recommendations were also made for timely registration and disposal of complaints from the customers. Every year more than one crore bank customers make different types of complaints in the country. There should be a common portal for all of them so that there is ease in both filing and redressal of complaints. It will also be able to know whether action is being taken or not.
It was also suggested by the committee that after the death of the account holder, the claims of the heirs should be settled online. Along with this, suggestions were given to banks to show flexibility in submitting life certificates on behalf of pensioners. The report said that in case of loss of property documents, banks and financial institutions should not only be obliged to help get certified registered copies of the documents at their own cost but also pay adequate compensation.