Informist, Monday, May 23, 2022
MUMBAI – The Reserve Bank of India has formed a six-member committee to review customer service standards in regulated entities, the central bank said in a release today.
In its April monetary policy, the central bank had announced the formation of such a panel for examining and reviewing the state of customer services in the regulated entities and adequacy of customer service regulations, as well as to suggest measures to improve customer service.
RBI said that the committee, which will be chaired by former deputy governor B.P. Kanungo, will review the emerging and evolving needs of the customer service landscape, especially in the context of evolving digital and electronic financial products and distribution landscape, and suggest suitable regulatory measures.
It will also 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.
The panel will also suggest measures to leverage technology for enhancing customer service efficiencies, upgrading internal grievance redressal mechanism and strengthening the overall consumer protection framework of the RBI, and any other matter relevant to customer service and consumer protection.
The committee will submit its report within three months from the date of its first meeting, the central bank added.
The chief general manager of consumer education and protection department at the central office of RBI will be the member secretary of the committee.
The committee may also invite domain experts and RBI officials, as may be required.
Following is the composition of the central bank's committee:
| Name | Chairperson/member |
| B.P. Kanungo, former deputy governor, RBI | Chairperson |
| A. K. Goel, chairman, Indian Bank Association and managing director and chief executive office, Punjab National Bank | Member |
| A. S. Ramasastri, former director, Institute for Development and Research in Banking Technology | Member |
| Amitha Sehgal, honorary secretary, All India Bank Depositors Association | Member |
| Rajeshri N. Varhadi, professor, department of law at the University of Mumbai | Member |
| Anil Kumar Sharma, executive director, RBI | Member |
The central bank has been making efforts to ensure protection of the customers of its regulated entities such as banks, non-banking finance companies, and payment service
operators.
The need for such a panel arose because of the significant rise in digital transactions in recent years, which has also led to new problems faced by customers in executing such transactions. End
Reported by Bhakti Tambe
Edited by Tanima Banerjee
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