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RBI formed a Panel to Review Customer Service Standards

Published on May 24, 2022
Current Context: India’s central bank RBI has set up a committee to review the efficacy, adequacy, and quality of customer service in banks, NBFCs, and other entities which come under it.
RBI formed a Panel to Review Customer Service Standards
  • The committee consists of 6 members and is headed by former RBI deputy governor BP Kanungo.
  • The timeline was given for the committee to submit its report three months from the date of the first meeting.
  • The option has been given to the committee that they may also invite domain experts and RBI officials for consultations or to participate in its discussions.
  • The main objective of setting up the committee was to evaluate the efficacy, adequacy, and quality of customer service which helps to identify the gaps.
  • The panel will also review the emerging and evolving needs of the customer service landscape, especially in the context of evolving digital or electronic financial products.
  • They will also suggest best practices, in customer service and grievance redressal, especially for improvement in services rendered to retail and small customers, including pensioners and senior citizens. which can be adopted globally and domestically.
  • Apart from that, they should also work on leveraging technology for enhancing customer service efficiencies, and upgrading internal grievance redress mechanisms so that the overall consumer protection framework can be designed.

Question:

Q.1 Who is the head of the committee constituted by RBI for evaluating the customer service in banks and NBFCs?
a. B P Kanungo
b. Shaktikanta Das
c. AK Goel
d. Urjit Patel
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