Performance ratings of Banks’ customer services to be made public from 2015
From 2015, performance ratings of Banks on customer services will be put in public domain by Banking Codes Standards Board of India (BCSBI).
BCSBI is rating banks on customer services on 5 parameters:
- Information dissemination
- Grievance redressal system
- Customer feedback.
BCSBI rated 48 banks for customer service of which only 5 scored high ratings; 25 were rated above average; 17 average; and one below average. The ratings will be made public in 2015. However, banks are not allowed to use these ratings to solicit business.
Code of Bank’s Commitment to Customers
The Code of Bank’s Commitment to Customers is a Code of Customer Rights, which sets minimum standards of banking practices that member banks have to comply with when they deal with individual customers. The Code provides protection to customers and explains the manner in which banks are supposed to deal with customers in their day-to-day operations.
Banking Codes Standards Board of India (BCSBI)
The Reserve Bank of India established BCSBI in 2007 to ensure that the common consumer of financial services from the banking industry gets what he/she has been promised. The Board operates as an independent and autonomous body. Membership of BCSBI is voluntary and open to scheduled banks.
Month: Current Affairs - May, 2014