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RBI Governor Shaktikanta Das expressed concerns over instances where in banks misclassify complaints as “customer queries”
RBI Governor Shaktikanta Das. (File Photo)
Reserve Bank of India Governor Shaktikanta Das raised concerns on Monday about instances where banks misclassify complaints as “customer queries,” undermining the spirit of customer service. Speaking at the Conference of Directors of Private Sector Banks in Mumbai, he urged bank boards to ensure a sincere commitment to customer centricity.
Trust: The Foundation of Banking
Das emphasised that trust is the cornerstone of the banking industry, crucial for its stability and growth. “Building and maintaining this trust requires banks to place customers at the heart of their operations and ensure that products, services, and policies genuinely meet customer needs and expectations,” he stated.
Inspection Observations and Grievance Handling Issues
The governor expressed dismay over observations in RBI inspection reports, noting instances where complaints were mislabeled as queries. He also highlighted cases of grievances being rejected without escalation to the internal ombudsman, calling on bank boards and their Customer Service Committees to address these lapses.
Focus on Financial Literacy
While acknowledging improvements in customer awareness, Das highlighted the need for enhanced financial literacy, particularly among marginalised, less financially savvy, and rural populations. He stressed that these groups often face challenges in navigating complex financial systems and are more vulnerable to exploitative practices.
Call to Action
Governor Das urged banks to demonstrate a genuine commitment to customer service and uphold practices that enhance trust and confidence among their customers.
Conference Details
This was the second annual conference organised by the Reserve Bank with the boards of private sector banks, featuring over 200 participants, including chairpersons, managing directors, and CEOs.
Senior RBI officials, including Deputy Governors M. Rajeshwar Rao and Swaminathan J., and executive directors from key departments, also attended the event.
(With agency inputs)
