RBI asked banks to attend to the needs of small borrowers and devote exclusive time at board meetings, at least twice a year, to review and deliberate on customer service.
The Reserve Bank and the banking ombudsman's offices have been receiving several complaints regarding levying of excessive interest rates and charges on certain loans and advances. RBI said that banks must address the special needs of disadvantaged groups such as pensioners and small borrowers, including farmers.
The Reserve Bank and the banking ombudsman's offices have been receiving several complaints regarding levying of excessive interest rates and charges on certain loans and advances. RBI said that banks must address the special needs of disadvantaged groups such as pensioners and small borrowers, including farmers.
A committee is to be set up by RBI to look into banking services rendered to retail and small customers, including pensioners.
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