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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Spain rejects White House claim of military cooperation with US in Iran war
Madrid: Spain has rejected a claim by the White House that Madrid had agreed to cooperate militarily with the United States amid the ongoing conflict with Iran, even as US President Donald Trump warned of trade consequences over Spain’s stance.
Al Jazeera reported that White House spokesperson Karoline Leavitt told reporters on Wednesday that Spain had reconsidered its earlier position of not allowing its military bases to be used in the war against Iran.
“With respect to Spain, I think they heard the president’s message yesterday loud and clear, and it’s my understanding, over the past several hours, they’ve agreed to cooperate with the US military,” Leavitt said.
Clearly denying the assertion, Foreign Minister José Manuel Albares said the claim was incorrect and insisted that Madrid’s position had not changed. “Not a single comma has changed, and I have no idea whatsoever what they might be referring to,” Albares said in an interview with the Hora25 radio programme.
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Trump had earlier criticised Spain’s opposition to the war, describing its stance as “terrible” and threatening economic retaliation. “We’re going to cut off all trade with Spain. We don’t want anything to do with Spain,” he said on Tuesday.
Spanish Prime Minister Pedro Sánchez reaffirmed his government’s opposition to the conflict, recalling past military interventions in the region. “The world, Europe, and Spain have faced this critical moment before. In 2003, a few irresponsible leaders dragged us into an illegal war in the Middle East that brought nothing but insecurity and pain,” Sánchez wrote on social media.
He added that Spain’s position remained firmly against war, violations of international law and “the illusion that we can solve the world’s problems with bombs”.
Iranian President Masoud Pezeshkian praised Spain’s stand, saying it reflected ethical responsibility.
“Spain’s responsible conduct in opposing the Zionist-American coalition’s flagrant human rights violations and military aggression against countries, including Iran, shows that ethics and awakened consciences still exist in the West,” he wrote in a post on social media.
Within Europe, Spain has been among the few countries to openly oppose the attacks on Iran. The European Union has instead called for de-escalation and protection of civilians without directly rejecting the US and Israeli military action.
EU foreign policy chief Kaja Kallas said Iran’s missile and nuclear programmes and its support for armed groups pose a serious threat to global security, adding that the bloc has imposed sanctions on Tehran while continuing to back diplomatic engagement on the nuclear issue.
