Committee to review customer service in regulated entities

RBI will soon set up a committee to examine and review the current state of customer service in the RBI-regulated entities.

“In view of the transformation underway in the financial landscape due to innovations in products and services, deepening of digital penetration and emergence of various service providers, it is proposed to set up a committee to examine and review the current state of customer service in the RBI-regulated entities, adequacy of customer service regulations and suggest measure to improve the same,” said RBI Governor Shaktikanta Das.

The committee will examine and review the state of customer service in REs and adequacy of customer service regulations, and suggest measures to improve these issues, said the Statement on Developmental and Regulatory Policies.

The RBI has, over the years, taken a number of measures, including laying down an elaborate regulatory framework on customer service and internal grievance redress at REs, and also putting in place the Ombudsman framework to ensure overarching protection for customers.