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Today Date : Wednesday, July 24, 2024

RBI urged to improve public sector banks

RBI urged to improve public sector banks

Citizens Voice, Coimbatore, president CM Rajendran and secretary VA Shanmugam sent a memorandum to the Union Finance Minister and RBI Governor urging them to improve the services of the public sector banks (PSB). 
They said ''we observe that banks including some of the nationalized banks do not adhere to mandatory guidelines of the RBI, resulting in depleted customer service – leave it or take it attitude. If this remains unchecked, it will push the public to leave public sector and drastically move towards private and unreliable banks. This may be vanishing point of the PSBs, we are worried
1. SMS alerts are supposed to be sent to customers, at the time of debit/ credit advices, which are mandatory even prior to computerization /Core Banking Solution. Presently the banks are to be reminded not to take advantage of telecom issue or ‘system failure’, for not sending debit advices, which is a clear case deficiency in service.   2. Complaint Management System- Periodical open house meetings with customers and public are   made mandatory for all banks. Some banks conduct open house meetings only in papers. Even CMS Complaints, which are supposed to be monitored by circle heads and resolved in 48 hours –   are not seriously looked into for weeks together. This proves that the complaints are mounting
3. ATMs (standing alone) has been identified as a non remunerative expenditure and ATM maintained – without proper security, cleaning & etc. On the other hand, it is acceptable that single cabin ATM are very expensive, RBI must advise banks, serious note of forming ATM hubs;          This will reduce  the administrative costs on security costs, AC maintenance , cleanliness etc. 
Eventually persons entering into ATM with helmet should be totally banned and all ATM should be fully equipped with CCTV cameras in working conditions. 
Certain banks (like IOB) have started debiting TDS without prior notice to the customers. This creates great panic to the customers, when they see the balances suddenly dipped. 
Citizens’ charter released by RBI- expects every job within a specified stipulated time. Banks are not exempted very often in the name of technical interruption; CBS often gives problems rather than solutions. Need strict/periodical monitoring 
Pass book printing is a frequent issue arising in many banks, is a citing example  
Local clearing of cheques takes  2 days, minimum.Cyber crime related issues should be brought under control by conducting periodical awareness programs by all banks then and there. This will avoid lot of frauds, financial loss and mental anxiety to customers as well as banks
ATM card chips supply should be managed by extending the validity of existing cardholders for one year or so. The chips of cards' availability should be used for new customers instead of making the same for renewal of the existing customers / ATM cards. When ATM cards are not put to use, the customers have to be strictly advised to approach the counters and surrender the card with due acknowledgement. As a matter of fact, all these affect the poor and middle class customers.
As the gold ornaments are also a liquid asset like deposit, we suggested that Nomination facility - now provided, at our plea couple of years ago. This facility may be disseminated to all borrowers by prominent notices. 
The borrowers against which a loan is taken from a bank so that the settlement of the same by the banks will be hassle free and the layman will be very happy with the quick settlement. The RBI & the Ministry of Finance is kindly requested to make the borrower to sign a declaration of nomination while availing the loan itself. This declaration should also be signed by the nominee as acceptance of the nomination prior to disbursement, wherever necessary to protect the interest of the bank and borrower.
Insurance like Personal/Accident premium collected by various Banks do not send policies or receipts for small premiums. As a result, after the sudden demise of the policy holder, no evidence/ record is left with the family members. Ultimately the compensation claim goes to the unclaimed fund, making the scheme redundant. Banks/IRDA may kindly be advised suitably.