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.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Regulator DGCA eases flight duty norms for pilots amid IndiGo crisis
Mumbai (PTI): Aviation watchdog DGCA on Friday eased the flight duty norms by allowing substitution of leaves with a weekly rest period amid massive operational disruptions at IndiGo, according to sources.
As per the revised Flight Duty Time Limitations (FDTL) norms, "no leave shall be substituted for weekly rest", which means that weekly rest period and leaves are to be treated separately. The clause was part of efforts to address fatigue issues among the pilots.
Citing IndiGo flight disruptions, sources told PTI that the Directorate General of Civil Aviation (DGCA) has decided to withdraw the provision 'no leave shall be substituted for weekly rest' from the FDTL norms.
ALSO READ: 49 Indigo flights likely to be cancelled from Hyderabad
"In view of the ongoing operational disruptions and representations received from various airlines regarding the need to ensure continuity and stability of operations, it has been considered necessary to review the said provision," DGCA said in a communication dated December 5.
The gaps in planning ahead of the implementation of the revised FDTL, the second phase of which came into force from November 1, have resulted in crew shortage at IndiGo and is one of the key reasons for the current disruptions.
#BREAKING: #DGCA relaxes a clause which debarred airlines to club leaves with weekly rest to mitigate #IndiGo crisis
— Economic Times (@EconomicTimes) December 5, 2025
🔴 Catch the day's latest news here ➠ https://t.co/8eVBGnsJUA 🗞️ pic.twitter.com/KUWc8R2Kso
