3. Banks would convey to the Reserve Bank, a consensus view on the recommendations of the Damodaran Committee Report on Customer Service in Banks that could be immediately implemented.
RBI vide its press release dt.03/08/2011 sought Public Comments on Report on Customer Service of Banks.
To stream line the Bank’s customer experience across the Banks, Reserve Bank of India had constituted a Committee under the chairmanship of Shri M. Damodaran, former Chairman, Securities and Exchange Board of India, to look into banking services rendered to retail and small customers, including pensioners.
Banking today encompasses a complex set of Banking Products, and Damodaran Committee, focused on retial and small customers, including pensioners.
The highlights of the committee’s report are as under. Each point has to analyzed from the Bank angle as well as the customer angle. Hence, not discussing the in detail on each point now.
|Creation of a toll free common bank call number|
|Providing plain vanilla savings account without prescription of minimum balance|
|Setting up of third party Know Your Customer (KYC) data bank|
|Prescription of service charges for basic services|
|Providing small remittances at reasonable price|
|Providing floating rate housing loans on a non-discriminatory basis|
|Compensation for delayed return / loss of title deeds in the custody of banks|
|Zero liability against loss in ATM and online transactions|
|Enhancement of DICGC cover up to 5,00,000|
|Prepaid instruments up to 50,000/- for frequent travellers|
|Differential merchant discount / fee for debit cards|
|Self-personalisation of cards enabling customer to fix limits / area of operation / activation for international use|
|Instant blocking of ATM card through SMS -BLOCK for lost / misused cards|
|Transition to chip based card (EMV) with photograph|
|Chief customer service officer (CCSO) for grievance redressal in every bank|
|Submission of life certificate for pensioners in any Core Banking Solution (CBS) branch|
|Automatic updation of senior citizen status in CBS|
Financial inclusion through branch expansions in
the North -East
|Moving towards paperless fund transfers
|Ensure fulfillment of the tenets of customer service through inspections|