A PANEL set up by the RBI to examine and review the state of customer service in regulated entities (REs), has suggested that the central bank should consider making the charter of customer rights enforceable after reviewing and updating it. The Central Bank may consider extending the charter to on Banking Financial Companies (NBFCs) also, it has suggested.

 

The RBI had formed the seven member committee under the chairmanship of former RBI Deputy Governor B.P. Kanungo on May 23, 2022 to evaluate the efficacy, adequacy and quality of customer service in entities regulated by the RBI vis-a-vis the existing RBI guidelines on customer service and identify gaps, if any. The committee has, in its report submitted to the RBI recently, has suggested the measures. The committee has suggested further that the RBI Ombudsmen (RBIOs) should be empowered, based on the facts or a set of similar complaints.