RBI Constitutes Committee for Review of Customer Service Standards in RBI Regulated Entities

As part of the Statement on Developmental and Regulatory Policies released along with the Monetary Policy Statement on April 08, 2022, the Reserve Bank of India had announced setting up of a Committee for Review of Customer Service Standards in RBI Regulated Entities (REs) for examining and reviewing the state of customer service in the REs and adequacy of customer service regulations and suggest measures to improve customer service. Accordingly, the Reserve Bank of India has constituted a Committee with the following composition:

Chief General Manager, Consumer Education and Protection Department, Central Office, Reserve Bank of India will be the member secretary of the Committee. The Committee may also invite domain experts and RBI officials, as may be required, for consultations and/or to participate in its deliberations. The terms of reference of the Committee will be as under:

  1. Evaluate the efficacy, adequacy and quality of customer service in entities regulated by RBI vis-à-vis the existing RBI guidelines on customer service and identify gaps, if any;
  2. Review the emerging and evolving needs of the customer service landscape, especially in the context of evolving digital/ electronic financial products and distribution landscape and suggest suitable regulatory measures;
  3. Identify the best practices, adopted globally and domestically, in customer service and grievance redressal, especially for improvement in services rendered to retail and small customers, including pensioners and senior citizens;
  4. Suggest measures to leverage technology for enhancing customer service efficiencies, upgrading internal grievance redress mechanism in REs and strengthening the overall consumer protection framework of RBI;
  5. Any other matter relevant to customer service and consumer protection.

The Committee will submit its report within three months from the date of its first meeting.

RBI Press Release: 2022-2023/251 dated 23 Nay 2022

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