RBI’s Newest Initiative: A step towards improving customer service in banks

The deputy governor also stressed the importance of top management and customer service committees focusing on fostering a customer-centric approach to maintain customer trust in the banking system.

The Reserve Bank of India’s (RBI) Deputy Governor, Swaminathan J, held a meeting with top banking officials on September 21 to discuss customer complaints. The meeting took place in Mumbai and was attended by directors of the customer service committee of the board, managing directors, executive directors in charge of customer service verticals, and principal nodal officers of major banks.

Swaminathan J emphasized that banks should concentrate on five key areas: a customer-centric approach, addressing the root cause of complaints, resolving issues at the first point of contact, responsible handling of complaints including equipping front-line staff with authority, tools and training, and combating cybercrime. This was stated in a press release by the RBI.

The deputy governor also stressed the importance of top management and customer service committees focusing on fostering a customer-centric approach to maintain customer trust in the banking system. He highlighted the need for continuous improvement as quality customer service is an ongoing process, not a final goal.

The meeting also included discussions on promptly addressing customer grievances, streamlining redressal mechanisms, leveraging technology, preventing fraud and loss mitigation, and creating more awareness and responsible policies to achieve excellence in customer service. The meeting was also attended by the executive directors and other senior officials of the consumer education and protection department of the RBI.