New Delhi: The RBI has announced a banking standards code, in an attempt to enhance the quality of customer service and to strengthen the grievance redressal mechanism.
The standards code now gives customers the right to lodge a complaint against banks in case of any wrong doing. The code is a compilation of best consumer service practices.
It has been put together by an institution set up by the Reserve Bank and the Indian Banks Association.
50 banks have already registered with the banking board. RBI Governor YV Reddy said that the board would monitor compliance and report on the extent to which they fell short.
A key element of this code is that banks transparently display details of various services they charge for at their branches and on their websites.
K J Udeshi, Chairperson of Banking Codes and Standards Board of India, says that the banking standards code will enhance the quality of customer service.
K J Udeshi said, "See for the first time, the customer will be aware of his rights. He will be thereby empowered. This code will lay down the minimum standards of his interface with his banker for legitimate banking transactions."
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