Posts Tagged ‘standards of banking services’

Banking To Turn More Customer Friendly ;)

banking-customer-friendly

The Banking Code and Standards Board of India (BCSBI) revised the Code of Banks’ Commitment to customers, in consultation with the Reserve Bank of India (RBI) and IBA.

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The move will make banking more customer-friendly, as it promises more transparency in banksโ€™ functions and dealing with the consumers.

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The reviewed code leads banks to disclose complete information on interest rates, including reference rates to which floating rates of interest are linked.

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In addition, banks are also required to display customer centric policies on cheque collection, compensation and grievance redressal on their website.

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Besides, they need to provide Most Important Terms & Conditions (MITC) to customers who have applied for credit facilities by way of loan or credit card and also update immediately on website, any changes in terms and conditions of products and services offered.

The banks are also required to compensate customer, apart from these, for delayed collection of cheques and also reimburse erroneous debit from ATM transactions.

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RBI‘s active interest in raising standards of banking services is in line with the need to improve the customer banking experience and iron out anomalies that impede with customers’ rights.

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However, the concerned revisions in the banking code have come after sustained complaints from customers over lack of transparency in certain banking issues.

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