RBI to monitor banks in 5 broad areas

Q.  RBI will be monitoring banks on issues pertaining to customer rights in which areas?
- Published on 22 Jul 16

a. Right to privacy
b. Right to fair treatment and transparency
c. Right to suitability
d. All of the above

ANSWER: All of the above
RBI will start monitoring banks in 5 areas pertaining to customer rights. The areas on which the regulator will be conducting surveys and supervision at various banks are - right to privacy, right to fair treatment & transparency, fair and honest dealing, right to suitability and right to grievance redress & compensation.
  • The apex bank has asked banks to have board approved plans in place by June 30.
  • Charter of customer rights was also placed by the RBI in the public domain sometime back.

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