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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Over 3000 maternal deaths in past five years in Karnataka: CMO
Bengaluru, Dec 9: There have been over 3,350 maternal deaths in the last five years in Karnataka, the Chief Minister's Office said on Monday. The fatalities have been on the decline during this period, according to data issued by the government.
The CMO's releasing the data comes in the wake of a controversy surrounding the recent maternal deaths in the state's Ballari district.
The total number of maternal deaths in the past five years stands at 3,364. An analysis of the data reveals the highest number of maternal deaths occurred during Covid-19 when the BJP was in power.
In 2019-2020, 662 maternal deaths were reported, with the number rising slightly to 714 the following year. However, the figures have since dropped, with 595 deaths recorded in 2021-2022, 527 in 2022-2023, and 518 in 2023-2024.
As of November 2024, the number of maternal deaths in the state stands at 348. Karnataka's Maternal Mortality Ratio (MMR) during this period stands at 64 per one lakh live births, according to the data.
On Sunday, the Karnataka government established a four-member panel to investigate the maternal deaths at Ballari Hospital and other locations across the state.
Since November, the total number of maternal deaths in Ballari has reached five.
