The Reserve Bank of India had set up the Committee for Review of Customer Service Standards in RBI Regulated Entities (REs) on May 23, 2022 to evaluate and review the quality of the customer service, examine the evolving needs, identify the best practices and suggest measures for bringing about improvements in quality of customer service and grievance redress mechanism in the REs.
The Committee, after extensive deliberations with diverse stakeholders, has since submitted its report and the same is being placed on the RBI website for comments of stakeholders and members of the public. Comments may be sent by July 07, 2023 through email.
As per the report the Reserve Bank may consider making the Charter of Customer Rights enforceable after reviewing and updating it. The Reserve Bank may consider extending the Charter to Non Banking Financial Companies (NBFCs).
