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Govt. banks must boost monitoring, training systems’
News:
- Reserve Bank of India issues regulatory instructions to banks on various matters, including customer service.
Important facts:
2.Banking codes and standard board of India (BCSBI) was set up in 2006.
3.Accordingly, BCSBI had evolved two codes:
- The Code of Bank’s commitment to customers
- The Code of banks commitment to micro and small enterprises.
4.Banking codes are different from norms:
- The codes are a voluntarily declared commitment, as a self regulation, of member-banks to their customers explaining how they will deal with their customers.
- The codes complement regulatory guidelines.
- They do not replace or supersede regulatory guidelines.
5.Building awareness among customers become primary motive because:
- The code explain how banks will deal with their customers in their day-to-day operations.
- For better implementation of code it is necessary that both customers and service providers need to be aware of it
- BCSBI is making efforts to create and enhance awareness about codes among the customers.
6.Code for senior citizens:
- There is no separate code for senior citizen.
- But, the Code of Bank’s Commitment to Customers contains a dedicated section for senior citizen and differently-abled customers of banks.
- The focus of provisions covered under this section is on ease of availing banking services in a rightful manner.
- This contains a specific reference to commitments of member-banks to senior citizens.
7.Areas that particularly need improvement for better banking standards delivery to customers:
- There is a need for strengthening awareness about relevant code commitments and their importance among the staff at bank branches.
- The banks, particularly public sector banks, need to strengthen their monitoring and training systems coupled with an element of accountability.