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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Karnataka approves railway barricades in Madikeri, Nagarhole to curb human-elephant conflict
Bengaluru (PTI): Karnataka Forest Minister Eshwar Khandre on Tuesday said a 7-km railway barricade has been approved for the Madikeri division and 20 km for the Nagarhole division in 2025–26 to curb human-elephant conflict in the regions.
Responding to a proposal raised by BJP MLC Suja Kushalappa during Zero Hour in the Legislative Council, he assured that work on the proposed railway barricades would begin soon.
Citing the death of a 17-year-old girl in an elephant attack on February 28 and that of a tribal woman on March 9 in the state, the minister said these deaths caused by elephant attacks were "extremely painful".
"Human life is very precious and cannot be valued in monetary terms. The Forest Department is taking all measures to prevent human-wildlife conflict."
The minister further said steps such as maintenance of elephant-proof trenches and solar-powered fencing were being undertaken, while two elephant task forces were currently in operation.
Orders have also been issued by the Chief Wildlife Warden to capture two rogue elephants.
In both cases, Rs 5 lakh compensation has already been disbursed to the families of the deceased, and the remaining Rs 15 lakh each will be provided within a week, he added.
Khandre said the government was making sincere efforts to find a permanent solution to the human–elephant conflict.
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