Ten Action Points to improve Customer Service of Banks


1. Indian Banks’ Association (IBA) will standardise most important terms and conditions (MITC) for at least ten important banking transactions and circulate among banks for adaptation.
2. Banks would initiate the process of providing one view of all bank accounts of a customer including deposits, loans, etc., with the help of available technology, such as, core banking solution. Banks would be complete the process within one year.
3. Banks would convey to the Reserve Bank, a consensus view on the recommendations of the Damodaran Committee Report on Customer Service in Banks that could be immediately implemented.
4. To create awareness about the Banking Ombudsman Scheme, the Banking Ombudsmen will annually share with local media, information regarding complaints received and resolved, including important cases and awards given.
5. A series of town-hall events will be organised by banks to generate awareness about customer service in banks.  Bank customers, bank officials and Banking Ombudsmen will participate in these events.
6. The Reserve Bank/IBA would examine the issues pertaining to monetary compensation for mental harassment suffered by bank customers.  Issues that may receive attention in the analysis would be:
  • Whether only actual loss should be considered for compensation 
  • Whether mental harassment issues can be codified for compensation and whether compensation should be capped
  • Whether the policies of the banks’ boards on compensation should include mental harassment as a ground for compensation
7. Banks should issue tax deduction at source (TDS) certificates duly completed in all respects to the account holders and despatch it to their mailing address.
8. In case of ATM/Internet based banking transactions, in the event of any monetary dispute involving the customer and the bank, the onus should be on the bank to prove the customer’s negligence or mistake.  Customer must be compensated for the losses arising out of customers’ non-authorised transactions.
9. Banks’ should initiate steps to incorporate in their code of  ‘Fair Practices to the Customers’ the following items -
  • Insurance of some reasonable amount  on their customers’ credit and debit card transactions
  • Providing periodical loan statements to small borrowers
  • Borrowers should be conveyed information on the annualised all-in cost (Annual Effective Rate) on their loan accounts.
10. Banks must not recover pre-payment charges in floating rate loans. Banks may also offer long-term fixed rate housing loans to their customers and address their asset liability mismatch (ALM) issues by recourse to the Interest Rate Swaps (IRS) market.  Floating rate loans pass on the interest rate risk from banks which are much better placed to manage it to borrowers and, thus, banks only substitute interest rate risk with potential credit risk. The bank will, however, be free to recover / charge appropriate pre-payment penalties in the case of fixed rate loans.
Name

2426Q DUE DATE 44AB 44AE 44AF 49A 49AA 54 54B 54EC 54f 80C 80CCC 80CCD 80CCE 80CCF 80E 89(1) aces agricultural land amt on llp bank BANKS bounced cheque BUDGET BUDGETING buyers agreement CA AUDIT LIMIT capital gain carry forward losses challan booked status challan correction changes in challan changes in pan application form changes in pan data CIC CII citizen charter delhi companies tax rates company pan coparcener CORRECTION IN BANK CHALLAN correction in challan correction in etds return COST INFLATION INDEX CREDIT CARD DEDUCTION DEFAULT NOTICES dividend distribution tax (DDT) documents with pan DUE DATE FOR SERVICE TAX RETURN e paymnet of excise duty e-payment of service tax e-return by Legal Heir efiling of return elss etd return rejection ETDS etds return due date etds statement correction exchange traded funds excise return fcnr FESTIVAL SEASON firm tax rates FORM 16A form 24Q DUE DATE FORM 27Q DUE DATE free software er-1 free software st-3 FVU get pan with name and dob gift gold gold etf gratuity taxabilty house HOUSE LOAN house property house purchase agreement purchase house rent calculator house sale how to calculate tds on salary hra hra calculation huf pan huf (hindu undivided family) icai toolbar identity proof income tax challan income tax help toolbar income tax rates income tax rates firms income tax rates llp income tax refund income tax return income tax slabs individual pan INFRASTRUCTURE BONDS inter head adjustment inter source adjustment INTEREST INTEREST ACCRUED ON NSC interest on late closer kvp nsc time deposit post office interest on late deposit interest rate on tds late deposit investment plans itr-v itr-v status joint account kissan vikas patra know your pan kvp late deposit of tds leave travel concession lic life insurance limited liability partnership llp loan against rent long term capital gain ltcg mandatory e filing mat(minimum alternate tax ) minor pan mutual fund statement mutual funds negotiable instrument act new pan application form nri nro nsc NSC INTEREST pan application pan data pan form pan name pan verification pan with name physical gold pio POST OFFICE RB ACCOUNT post office time deposit ppf ppf limit 100000 ppf Limit 70000 or 100000 PREPAYMENT CHARGES proof of residence public provident fund RBI registration at aces relief on gratuity repo rate return verification reverse repo rate REVISED ETDS RETURN revised return RIGHT TO INFORMATION RTI saving bank rate SBI scrutiny cases scrutiny guidlines ay 2010-11 SERVICE TAX SERVICE TAX RETURN DUE DATE NOTIFICATION SERVICE TAX RETURN set off losses SHOPPING short term capital gain stcg SUB CONTRACTOR TAN REGISTRATION tax on gratuity tax on salary income tax rate on llp. tax savings TCS RATES TDS 194 A tds certificate TDS IN COURT CASE TDS ON AGRICULTURE LAND TDS ON COMPENSATION tds on salay TDS RATES TDS RATES 10-11 TDS RATES 11-12 who can sign return WORKS CONTRACTOR
false
ltr
item
Income Tax India: Ten Action Points to improve Customer Service of Banks
Ten Action Points to improve Customer Service of Banks
Income Tax India
http://www.itaxindia.org/2011/09/ten-action-points-to-improve-customer.html
http://www.itaxindia.org/
http://www.itaxindia.org/
http://www.itaxindia.org/2011/09/ten-action-points-to-improve-customer.html
true
5564153621212213756
UTF-8
Not found any posts Not found any related posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU Tag ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Contents See also related Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy