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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Protest march held in Kolkata over people's 'harassment' during Bengal SIR
Kolkata (PTI): An organisation led by West Bengal minister Siddiqullah Chowdhury took out a march here on Tuesday to protest against the alleged harassment of people during the ongoing Special Intensive Revision (SIR) of electoral rolls in the state.
The procession by Jamiat-e-Ulama-e-Hind began in the Rajabazar area of north-central Kolkata and culminated at Esplanade in the central part of the city, covering a distance of about 4.5 kilometres.
A large number of protesters, including women and elderly persons, participated in the march and raised slogans against the Centre and the Election Commission.
Chowdhury alleged that residents of West Bengal, including senior citizens, were being forced to stand in long queues for hours for verification, which is "inhuman".
"We will continue our fight through democratic means. Injustice is being meted out to us, which is not acceptable," said the state minister for mass education extension and library services.
He alleged that the central government was pressuring the Election Commission to conduct the SIR ahead of the state assembly elections this year.
Responding to a question on whether minorities were being selectively targeted during the voter list revision exercise, Chowdhury said the protest was "against oppression and the undermining of the independence of an autonomous constitutional institution".
