Banks are now under RBI scanner regarding any kind of delinquency showed by them in terms of customer service. The apex bank has put forward measures on the basis of which banks would be held accountable. They will have to comply to BCSBI (Banking Codes and Standards Board of India), code of commitment to customers.

It has been a prime grievance of borrowers that even after having met the compromise settlement process with banks regarding a particular loan of theirs, their credit history is in tattered state. This leads to a wide range of issues coming their way while taking any further loan or so in future.

The code now states that once compromise settlement has taken place for the borrower's account, then a report of the same has to be sent in the subsequent monthly report to the credit rating agency by the bank without fail.

Another measure the code has set is that in case the bank delays in allowing credit to the borrower due to their deficiencies, then they are accountable to pay penal interest for the same.

A third and very important measure under consideration is the behavior of recovery agents. The unruly behavior and code of conduct by recovery agents had become a big grievance for borrowers. The code now says that bank can start recovery proceedings only after it has sent a written information to the borrower for the same.

Also agents have to maintain civil code of conduct while dealing with borrowers and can only contact them between 7am to 7pm.