RBI: Panel on Customer Service Standards in Banks, NBFCs

On the 23rd of May 2022, the Reserve Bank of India (RBI) announced that a committee has been set up to evaluate the adequacy, effectiveness, and quality of customer service in NBFCs, banks, and other entities that are regulated by the RBI.

Who is heading this committee?

The newly constituted six-member committee is being headed by the former deputy governor of the RBI, BP Kanungo. He has been asked by the country’s central bank to submit a report within three months from the date of the committee’s first meeting.

Who are the other members of the panel?

The other members are:

  • A S Ramasastri- IDRBT’s former Director
  • A K Goel- MD & CEO of PNB and Chairman IBA
  • Rajeshri N Varhadi- University of Mumbai’s Professor
  • Amitha Sehgal- Hon. Secretary of AIBDA
  • Anil Kumar Sharma- Executive Director at RBI.

What has the committee been tasked with?

This committee has been tasked with evaluating the effectiveness, quality, and adequacy of customer service in all the entities that are regulated by the RBI in accordance with the guidelines laid down by the central bank on customer service. The committee will also look to identify any gaps that are present. The committee will also be suggesting various measures to upgrade the financial organizations’ internal grievance redress mechanism, use technology for enhancing the effectiveness of customer service, and strengthen the RBI’s overall consumer protection framework. Any other matters that are relevant to customer service will also be evaluated by the panel. The panel will also be evaluating the evolving and emerging needs of the customer service landscape mainly in the backdrop of evolving digital financial products and will be suggesting regulatory measures. Also, the panel has been asked by the RBI to identify all the best practices that have been adopted domestically and globally in the context of customer service and grievance redressal. The Committee can also invite RBI officials and domain experts for the purpose of consultations.

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