The banking regulator of the country, RBI is aiming at steps to improve the condition of customer service provided in banks. A committee has been set by the apex bank in order to look into the interest rates and fees and charges set by banks on customers.
The committee would be headed by ormer Securities and Exchange Board of India (Sebi) chairman Meleveetil Damodaran. It would be looking into the issue of services being provided by banks to retail and small customers which includes pensioners too and thereby suggest an appropriate grievance redressal mechanism.
The monetary policy announcement of RBI for the FY10-11 clearly stated the issue of giving equal treatment to customers. As a result, the RBI with a motive of re visiting the process and the issue has set up a working committee for the same.
The Damodaran committee would look into the structure and performance mechanism of the grievance redressal division of banks and suggest methods to improvise the practice of resolving customer complaints.
Apart from Damodran, other members of the committee include M S Sundara Rajan, former chairman and managing director of Indian Bank, S Gopalakrishnan, former chairman and managing director of Vijaya Bank, and M V Nair, chairman of the Indian Banks' Association and chairman and managing director of Union Bank of India. Kaza Sudhakar, RBI chief general manager in-charge of the customer services department, will be the member secretary.
The Code of Bank's Commitment to Customers was issued by RBI in the year 2006.