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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BJP disassociates itself with Nishikant Dubey's criticism of Supreme Court, says it respects courts
New Delhi, Apr 19 (PTI): The BJP on Saturday disassociated itself with the sharp criticism of the Supreme Court and Chief Justice of India Sanjiv Khanna by its MPs Nishikant Dubey and Dinesh Sharma, with party president J P Nadda rejecting the comments as their personal views.
"The BJP has nothing to do with the comments of MPs Nishikant Dubey and Dinesh Sharma on the judiciary and the chief justice. This is their personal comments, but the BJP neither agrees with them nor does it ever support such remarks. The BJP absolutely rejects them," Nadda said in a post on X.
He said the BJP has always respected the judiciary and has accepted its suggestions and orders gladly because it believes as a party all the courts, including the apex court, are an inseparable part of our democracy.
Nadda also said that he has directed both the leaders and others to not make such comments.
Fourth-term BJP MP Dubey, one of the more vocal party members in the Lok Sabha, launched a broadside against the Supreme Court earlier, saying Parliament and state assemblies should be closed down if the apex court has to make the laws.
He also took a swipe at CJI Khanna.
भाजपा सांसद निशिकांत दुबे और दिनेश शर्मा का न्यायपालिका एवं देश के चीफ जस्टिस पर दिए गए बयान से भारतीय जनता पार्टी का कोई लेना–देना नहीं है। यह इनका व्यक्तिगत बयान है, लेकिन भाजपा ऐसे बयानों से न तो कोई इत्तेफाक रखती है और न ही कभी भी ऐसे बयानों का समर्थन करती है। भाजपा इन बयान…
— Jagat Prakash Nadda (@JPNadda) April 19, 2025
