Reserve Bank will shortly start monitoring banks on issues relating to customer rights in five broad areas. RBI Executive Director U S Paliwal said 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. Paliwal said RBI had asked the
banks to have their board- approved plans in place by June 30. Now RBI will start monitoring and supervising the banks on issues relating to customer rights. He said RBI has its own mechanism to see how banks are doing on this.
He was talking to reporters in Mumbai on the sidelines of an event organised by Dun & Bradstreet, a company which is the world's leading source of commercial information and insight on businesses.
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