Code of Bank’s Commitment

by Vinaya HS on July 5, 2006

in Public Service Ads,The Mumbai Blog

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Here’s something that you, as a customer of the banking industry, SHOULD read – The Code of Bank’s Commitment to Customers.

Excerpts from the speech Banks and Service to the Common Person (by Dr. Y V Reddy, Governor, Reserve Bank of India on the occasion of release of the Code of Bank’s Commitment to Customers at the RBI, Mumbai on July 1, 2006)

“The Code signifies the first formal collaborative effort by the Reserve Bank of India, the banks and the newly set up Banking Codes and Standards Board of India (BCSBI) to provide a framework for a minimum standard of banking services, which individual customers can legitimately expect. The IBA and members of the BCSBI are to be commended for successfully evolving this Code, which is not only a commitment of banks to their customers but also in a sense a Charter of Rights for the common person. By setting the minimum standards of customer service with reliability, transparency and accountability, it outlines how each bank expects to deal with the customers’ day-to-day requirements, and accordingly, what each customer should reasonably expect from his bank. The Board, in a way, helps the banks in terms of providing independent review and feedback on their adherence, in practice, to the self-prescribed standards. We, in the RBI, attach great importance to the work and assessments of the BCSBI, which, in a way places onerous responsibility on the BCSBI in this relatively unexplored area.”

Read the complete speech…

Let me know if you have any problems downloading the file and I’ll email it to you.




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