RBI silent on banks' customer-unfriendly practices: Bank union
Chennai, April 30: The Reserve Bank of India (RBI) as the regulator of the banking sector has not taken the banks to task for their customer-unfriendly practices and remained silent, states a Memorandum signed by All India Bank Employees' Association along with NGOs.
"The RBI as the banking regulator has been proactive in improving the customer service rendered by banks. However, the RBI has not taken banks to task on the many customer-unfriendly practices that are increasing with impunity," said the Memorandum addressed to RBI Governor Urjit Patel.
According to the Memorandum, over the years, the RBI has remained silent on several anti-depositor actions of banks.
"The Banking Ombudsman's rulings also tend to side with banks, making no attempt to observe the pattern of complaints which would amply bring out rampant mis-selling of insurance and wealth management products," it said.
"We feel that with the increased use of digital payments post the demonetisation drive, it is necessary to have in place a mechanism or system to protect customers from unauthorised banking transactions," the Memorandum said.
The Memorandum said no practical portability option exists in banking primarily due to standing instructions for both incomes (pensions, annuities, dividends, interest) and expenses (utilities and others) and the difficulties associated with changing those standing instructions.
Portability of loan exists on paper, but has to be made easier and seamless to execute without imposing fiscal and non-fiscal burden on the consumer.
The Memorandum also pointed out the customer agreements drafted by the banks which are not customer-friendly and their interests, frequent increase in bank charges.
"A Master circular/notification by the Reserve Bank giving teeth to the Charter of Customer Rights with clear provisions fixing timelines for redressal and escalation, penalty for negligent service and interest/compensation to customers for losses caused due to mis-selling is urgently needed," the Memorandum noted.
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'Still have freedom of speech': HC says no to plea against wife's cancer cure claim of Navjot Sidhu
New Delhi (PTI): Observing there still was freedom of speech in the country, the Delhi High Court on Wednesday refused to entertain a plea against Congress leader Navjot Singh Sidhu's claims that certain remedies helped his wife in her battle against stage 4 cancer.
A bench of Chief Justice Manmohan and Justice Tushar Rao Gedela said the former cricketer had only voiced his opinion and the petitioner was also free to counter the claims.
"He is just voicing his opinion. Counter his claims by holding a press conference. Counter free speech by free speech and not by curtailing his free speech under the fear of legal action or contempt. We still have freedom of speech in this country," the bench said.
The bench went on to underline, "You can't say freedom of speech be curtailed. You counter his claim. This is not our domain. If you don't agree with this gentleman's views, don't listen to him. There are a lot of books which you may feel are bad, don't read them. Who is asking you to read them? Free speech is not meant to be curtailed by bringing them to court and putting them under the fear of contempt withdrawn."
As the court made it clear that a writ petition couldn't be entertained, the petitioner sought to withdraw it.
"We can't entertain a writ petition on this. Thousands of people claim they have a cure for something but that does not mean you will seek action against them."
At a press conference in Amritsar on November 21, Sidhu stated that his wife Navjot Kaur Sidhu had been declared cancer-free, emphasising the role of dietary and lifestyle changes in her recovery.
He then said his wife's diet included things like lemon water, raw turmeric, apple cider vinegar, neem leaves, basil, pumpkin, pomegranate, amla, beetroot and walnuts which made her healthy.
After oncologists questioned his claim that a strict diet helped his wife defeat stage 4 cancer, Sidhu clarified on November 25 that the diet plan was implemented in consultation with doctors and should be considered "facilitation in the treatment".
During the hearing, the petitioner said he was against Sidhu's claim on 100 per cent cure of cancer questioning if tulsi and ashwagandha fully could defeat stage 4 cancer.
Sidhu's video circulated on various social media platforms and news channels, and as a celebrity he had influence over many, it was claimed.
The petitioner therefore urged the court to restrain circulation of the videos saying misinformation was being peddled.
The court, however, said if Sidhu's wife, who was a doctor herself, felt better by following a particular diet, it was good.
Justice Gedela remarked if the petitioner was really concerned about public interest, he should go and file a petition against the manufacture of cigarettes and alcohol.
On November 23, Dr C S Pramesh, director of Tata Memorial Hospital, which specialises in cancer treatment, posted a video of Sidhu's press conference on X and said, "Parts of the video imply that starving cancer by avoiding dairy products and sugar, and consuming haldi (turmeric) and neem, helped cure her 'incurable' cancer".
He added, "Please don’t believe or be fooled by these statements, regardless of who they come from. These are unscientific and baseless recommendations. It was surgery and chemotherapy, which are evidence-based treatments, that made her cancer-free, not haldi, neem, or other such remedies".
