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RBI Asks Banks To Offer Better Customer Service

Updated: Sep 22, 2023 01:09:26pm

RBI Asks Banks To Offer Better Customer Service

Mumbai, Sept 22 (KNN) Reserve Bank of India (RBI) has directed lenders to provide efficient customer service, complaint redressal mechanisms and focus on combating cyber crime.

A meeting was held with directors and heads of Customer Service Committees and Customer Service Verticals of banks and other regulated entities on Thursday.


Deputy Governor Swaminathan J emphasised the pivotal role that customer service plays in fostering trust and confidence in the financial system.

“The focus of the Top Management and Customer Service Committees of the Board should be on nurturing a customer-centric approach for continuing the trust of the customer in banking system,” he said, as per an RBI release.

Swaminathan detailed five key areas of focus that include the need for a customer-centric approach, addressing the root cause of complaints, importance of resolution at first point of contact, responsible handling of complaints, including equipping front-line staff with authority, tools and training, and combating cybercrime.

He said cultivating a culture of continuous improvement to ensure quality of customer service “is a journey and not a destination”.

Discussions revolved around approaches to address customer grievances promptly, streamlining the grievance redressal mechanism, leveraging technology to enhance customer experiences, prevention of fraud and loss mitigation, and the need for creating more awareness, and responsible policies to achieve excellence in customer service.

The meeting was attended by the Executive Director and other senior officials of the Consumer Education and Protection Department of RBI.  (KNN Bureau)


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