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    RBI sets up committee to review customer service standards at banks, NBFCs, payment operators

    RBI sets up committee to review customer service standards at banks, NBFCs, payment operators

    RBI sets up committee to review customer service standards at banks, NBFCs, payment operators
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    By CNBC-TV18  IST (Updated)

    The Reserve Bank of India (RBI) on Monday has constituted a committee that would examine the state of customer service in banks, non-banking financial companies (NBFCs) and payment operators, and suggests measures to improve customer service. The panel has to submit its report within three months after its first meeting.
    Headed by former RBI deputy governor BP Kanungo, the six-member panel comprises A K Goel, chairman of IBA and MD & CEO, PNB; Dr AS Ramasastri, former director of IDRBT; Dr Amitha Sehgal, secretary, All India Bank Depositors Association (AIBDA); Dr Rajeshri N Varhadi, professor, Department of Law, University of Mumbai and Anil Kumar Sharma, executive director of RBI.
    The committee will review the emerging and evolving needs of the customer service landscape, especially in the context of evolving digital/ electronic financial products and distribution landscape and suggest suitable regulatory measures.
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    It will also identify the best practices, adopted globally and domestically, in customer service and grievance redressal, especially for improvement in services rendered to retail and small customers, including pensioners and senior citizens.
    Also, the committee will Suggest measures to leverage technology for enhancing customer service efficiencies, upgrading the internal grievance redress mechanism in RBI Regulated Entities (REs) and strengthening the overall consumer protection framework of RBI.
    "Chief General Manager, Consumer Education and Protection Department, Central Office, Reserve Bank of India will be the member secretary of the Committee. The Committee may also invite domain experts and RBI officials, as may be required, for consultations and/or to participate in its deliberations," RBI said.

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