Reserve Bank Governor Shaktikanta Das on Monday expressed concern over cases where banks misclassify complaints as “customer enquiries”, undermining the spirit of customer service. Speaking at a conference of directors of private sector banks in Mumbai, he urged bank boards to ensure sincere commitment. For customer centricity.
Trust: Foundation of Banking
Das emphasized that trust is the cornerstone of the banking industry, which is crucial for its stability and growth. “Building and maintaining this trust requires banks to put customers at the center of their operations and ensure that products, services and policies truly meet customer needs and expectations,” he said.
Inspection observations and complaint handling issues
The governor expressed dismay over observations in the RBI’s inspection reports, noting instances where complaints were mislabelled as queries. He also highlighted cases of complaints being dismissed without proceeding to the internal ombudsman, calling on bank boards and their customer service committees to address these lapses.
Focus on financial literacy
While acknowledging the improvement in consumer awareness, Das highlighted the need for enhanced financial literacy, especially among the marginalized, less financially savvy and rural population. He emphasized that these groups often face challenges in navigating complex financial systems and are more vulnerable to exploitative practices.
Call to action
Governor Das urged the banks to show true commitment to customer service and maintain practices that build trust and confidence among their customers.
Conference details
This was the second annual conference organized by the Reserve Bank with the boards of private sector banks, with more than 200 participants including chairpersons, managing directors and CEOs.
Senior RBI officials, including Deputy Governor M. Rajeswara Rao and Swaminathan J. And executive directors of key departments were also involved.