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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Rajasthan: Nursing student found dead with slit throat in Khairthal-Tijara district; accused held
Jaipur (PTI): A 20-year-old nursing student was found murdered with her throat slit in a rented room in Khairthal-Tijara district of Rajasthan, police said on Saturday.
The incident took place in a residential building in front of Mundawar police station on Friday afternoon, they said.
The accused, Upendra Kumar (21) from Haryana's Mahendergarh, was arrested while trying to flee the spot.
The father of the deceased alleged that his daughter was kidnapped, raped and then killed.
The incident sparked outrage among local residents, who blocked the main road for about 30 minutes before police dispersed them.
Police said the accused lived in the same rented premises.
Mundwar Station House Officer Ramniwas Meena said Upendra Kumar has been arrested based on complaint filed by the deceased woman's father.
Meanwhile, Leader of Opposition Tikaram Jully termed the murder proof that women remain highly unsafe in Rajasthan and accused the BJP government of turning a blind eye to such crimes.
"It is being proved that women are extremely unsafe in Rajasthan. A nursing student was abducted, raped and brutally murdered by slitting her throat in Mundawar. People are outraged but the BJP government has shut its eyes and ears to everything," he said.
