RBI Issued New Order: RBI Deputy Governor Swaminathan J said that focus should be on strengthening people’s confidence in the banking system.
RBI Issued New Order: RBI Deputy Governor Swaminathan J asked the top management of banks and other financial sector institutions to focus on a customer-centric approach to strengthen people’s confidence in the banking system. The Deputy Governor held a meeting with the heads of the Customs Service Committee of the Board, managing directors, executive directors in-charge of custom service areas and key nodal officers of major banks in Mumbai.
Reserve Bank of India said in a release, ‘Discussions during the meeting included prompt resolution of customer complaints, streamlining of grievance redressal mechanisms, use of technology to improve customer experiences, prevention of frauds and loss minimization, Focused on the need to create greater awareness and responsible policies to achieve excellence in customer service.
Customers should get good service
Emphasizing the important role of customer service in fostering trust in the financial system, Swaminathan focused the Board’s top management and the Custom Service Committee on developing a customer-centric approach that will enhance customer engagement in the banking system. Trust can be maintained.
He highlighted five key areas to focus on – the need for a customer-centric approach for regulated entities, understanding the root cause of complaints and the importance of resolution at the first point of contact.
The Deputy Governor also stressed on responsible handling of complaints, including equipping front-line workers with powers, tools and training and tackling cyber crime.
