In response to repeated complaints from bank customers regarding deliquencies in services provided by lenders, Reserve Bank of India has decided to come up with new rules for banks in this regard. Customers are expected to get better services from banks once the new guidelines come into enforcement.

The apex bank had set up a special panel to look into the matter under the leadership of former head of SEBI, Mr. M Damodaran. After almost a year, the panel is now ready to submit its recommendations soon.

According to familiar sources, recommendation list would include more stringent eye by RBI on the banks which have been found delinquent in offering service to their customers. Also the banks may be asked to address all pending grievances within a stipulated time set by the central bank.

Also, it is expected that recommendations from the committee would seek more powers be given to Banking Ombudsman.

Banks would be asked to make more use of technology in order to raise standards of their customer services, said sources.