Annual Policy Statement for the Year 2010-11 – Customer Service – Small Borrowers – Farmers.
This is in continuation of my earlier post
Out of the 129 paragraphs in the Reserve Bank of India’s Annual Policy 2010-2011, 3 Paragraphs have been devoted to “Customer Service”.
Each Bank has its unique style of dealing with its customers and their particular needs.
Customers can be asset based (loans) or Liability based (Deposits), or customers with a mix of assets and liabilities connections.
It is observed that as an organization grows in size the small customers are ignored. This is human tendency and is prevalent in any Industry.
The same happens in banking industry too. So the Banking industry too is following the normal trend.
But, Reserve Bank of India is concerned about the Banks approach to the small borrowers and is committed towards ensuring good customer services to small borrowers too.
Good customer service can said to be the Organization’s behavior towards its customers, so that they keep coming back. The more the customers come back, the more it is profitable for the organization.
But in case of small borrowers, it is a paradox, as it is a debatable question, as to whether Banks aspire for small borrowers to come back!!
What do Small Borrowers, especially farmers aspire for?
/ The need to be informed about the complete document formalities required for a Loan, as early as possible in the Loan processing cycle.
// The need to be assisted in the complete Loan processing cycle, right from the Application to the Disbursement status.
/// The need for a simple Loan account statement, which is easily comprehensible.
//// The need to be informed about all the costs involved in raising a Bank Loan.
///// The joy of disbursement of the Loan amount at the correct required time.