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| Unlocking Value for Common Man |
- Creation of a toll free common bank call number
- Providing plain vanilla savings account without prescription of minimum balance
- Setting up of third party Know Your Customer (KYC) data bank
- Prescription of service charges for basic services
- Providing small remittances at reasonable price
- Providing floating rate housing loans on a non-discriminatory basis
- Compensation for delayed return / loss of title deeds in the custody of banks
- Zero liability against loss in ATM and online transactions
- Enhancement of DICGC cover up to ` 5,00,000
- Prepaid instruments up to ` 50,000/- for frequent travellers
- Differential merchant discount / fee for debit cards
- Self-personalisation of cards enabling customer to fix limits / area of operation / activation for international use
- Instant blocking of ATM card through SMS -BLOCK for lost / misused cards
- Transition to chip based card (EMV) with photograph
- Chief customer service officer (CCSO) for grievance redressal in every bank
- Submission of life certificate for pensioners in any Core Banking Solution (CBS) branch
- Automatic updation of senior citizen status in CBS
- Financial inclusion through branch expansions in the North -East
- Moving towards paperless fund transfers
- Ensure fulfillment of the tenets of customer service through inspections
The Reserve Bank of India had constituted a Committee under the chairmanship of Shri M. Damodaran, former Chairman, Securities and Exchange Board of India, to look into banking services rendered to retail and small customers, including pensioners. The Committee was also required to look into -
- the system of grievance redressal mechanism prevalent in banks, its structure and efficacy and suggest measures for expeditious resolution of complaints,
- functioning of Banking Ombudsman Scheme, its structure, legal framework and recommend steps to make it more effective and responsive,
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