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Business EconomyPosted at: May 23 2022 8:25PM


RBI constitutes committee under former Dy Gov Kanungo

Mumbai, May 23 (UNI) Reserve Bank of India on Monday said it has constituted a six member committee under the Chairmanship of former RBI Deputy Governor BP Kanungo, to examine and review the state of customer service in RBI regulated entities.
During the MPC meeting held on April 8 this year, the RBI had announced setting up of a committee to review customer service standards in RBI regulated entities (REs) and adequacy of regulations and suggest measures to improve the service.
Accordingly, the RBI has constituted a six member committee headed by Kanungo and comprising AK Goel, Chairman IBA and MD and CEO, PNB, A S Ramasastri, former Director, IDRBT, Amitha Sehgal, Secretary, All India Bank Depositors Association (AIBDA), Rajeshri N Varhadi, Professor, Department of Law, University of Mumbai Member and Anil Kumar Sharma, Executive Director, RBI.
Further, Chief General Manager, Consumer Education and Protection Department, Central Office, RBI will be the member secretary of the committee.
"The committee will evaluate the efficacy, adequacy and quality of customer service in REs and identify gaps, if any. It will also 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," the RBI said.
Apart from identifying best practices adopted globally and domestically, the committee will also suggest measures to leverage technology for enhancing customer service efficiencies and strengthen overall consumer protection framework of RBI, it added.
"The committee will submit its report within three months from the date of its first meeting," the apex bank said.
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