The Reserve Bank of India (RBI) Deputy Governor Swaminathan J held a meeting yesterday with Heads 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 in Mumbai. The meeting was also attended by Executive Director and other senior officials of Consumer Education and Protection Department of RBI, according to a statement from RBI.
Discussions during the meeting revolved around approaches to address customer grievances promptly, streamlining grievance redressal mechanism, leveraging technology to enhance customer experiences, prevention of frauds and loss mitigation, the need for creating more awareness and responsible policies to achieve excellence in customer service, said the statement.
Further, as per the statement, Swaminathan highlighted five key areas for Regulated Entities (REs) to focus upon the need for a customer-centric approach, addressing the root cause of complaints, importance of resolution at the first point of contact, responsible handling of complaints including equipping front-line staff with authority, tools and training and combatting cybercrime.
In his keynote address, the Deputy Governor emphasised on the role that customer service plays in fostering trust and confidence in the financial system. He stressed that the focus of the Top Management and Customer Service Committees of the Board should be on nurturing a customer-centric approach for continuing the trust of the customer in banking system, the statement mentioned.