An Annual conference is organized by Reserve Bank of India, of all the Banking Ombudsmen every year. Apart from the Banking Ombudsmen, the other participants are
- Senior officials from the Banking Codes and Standards Board of India (BCSBI)
- Senior officials from the Indian Banks’ Association,
- Senior officials from the Credit Information Bureau of India Limited (CIBIL)
- Senior officials from some leading banks
The highlight of the conference was the adoption of the ‘Ten Action Points to improve Customer Service of Banks.’
Each action point is important in itself, with wide-ranging implications for the Banks as well as the Bank’s customers. Let me discuss one by one of the 10 Action Points
Point 1 “Indian Banks’ Association (IBA) will standardize most important terms and conditions (MITC) for at least ten important banking transactions and circulate among banks for adaptation.” IBA is the industry level organization, with 166 members as on 30/07/2011. IBA was established in 1946 as a voluntary association of banks, and it strives towards strengthening the banking industry through consensus and co-ordination. It is convenient and practical to RBI to interact with IBA, for industry wide self-regulatory standards, than interacting with banking system participant IBA welcomes into its folds Banks and any other organization connected with Banking. Normally Banks are enrolled as ‘Ordinary’ Members and the rest as ‘Associate’, Members.