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Moneylife Digital Team 04 August 2011
RBI panel on bank customer services describes several improvements that can improve banking processes The much-awaited report on bank customer services by a Reserve Bank of India-appointed committee has made several proposals like simplifying account opening forms, lowering charges for...

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Moneylife Digital Team 04 August 2011
The Committee has also said that all borrowers should be allowed to switch over from fixed to floating rates, or vice-versa, at least once during the tenure of the loan, and at an appropriate and reasonable fee The Damodaran Committee on bank customer services has said that there should be...

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Moneylife Digital Team 04 August 2011
RBI panel on customer services says board must discuss top complaints and monitor implementation of policy for customer care  The Damodaran Committee on bank customer services has recommended active involvement of the boards of banks to guarantee customer satisfaction. "Commitment to...

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Moneylife Digital Team 04 August 2011
RBI panel on customer services has also recommended that pensioners be allowed to submit annual life certificate at any branch of the bank The Reserve Bank of India-appointed committee on bank customer services has recommended prioritised services for senior citizens and physically handicapped...

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Moneylife Digital Team 04 August 2011
The RBI-appointed committee does not say anything about the obstacles in the documentation process that prevents students from availing the loans The Damodaran Committee on bank customer services has failed to address some key issues on education loans, like the absence of an authority to...

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Moneylife Digital Team 04 August 2011
The UK-based bank says the zero-balance facility applies only to the original account holder, but not to the second person when the individual account is converted into a joint account If you have a zero-balance salary account with a foreign bank and want to convert it into a joint account...

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Bringing MFIs under the regulation of the Reserve Bank of India is questionable as it is not equipped with any protection mechanism and also overlooks consumer protection, experts say The decision to bring the microfinance sector under the regulation of the Reserve Bank of India (RBI) has...

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Moneylife Digital Team 07 July 2011
The RBI has promised to present the Damodaran Committee report to the Karnataka High Court even as Mr Damodaran has failed to provide his “transmittal” as the chairman of the Committee Under the threat of the Reserve Bank of India's (RBI) governor being summoned by the Karnataka High Court,...

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Moneylife Digital Team 14 June 2011
There are a few precautions you must take before you are tempted to put your money in corporate fixed deposits Interest rates offered by banks on their fixed deposits are on the rise. Today banks are offering 8.25% on deposits of more than a year and 9% for deposits of more than two years....

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Moneylife Digital Team 23 May 2011
Complaints by customers on various banking matters have been dealt with in the Damodaran Committee report giving more power to account holders A series of complaints related to banking services have exposed instances where banks are openly floutingly rules and regulations of the Reserve Bank...

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The RBI must consider long-pending measures to strengthen the banking system and introduce customer service initiatives that would enable customers to take advantage of the liberalisation in interest rates As a prelude to deregulating the savings bank interest rate, the Reserve Bank of India...

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Moneylife Digital Team 13 May 2011
The Reserve Bank says that incorporating the National Disaster Management guidelines in loan policies and documentation of banks will benefit lenders and borrowers The Reserve Bank of India (RBI) has issued a notification to all scheduled commercial banks, directing them to adopt the...

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Moneylife Digital Team 12 May 2011
Several major banks have not updated the savings account interest rate on their websites even a week after the Reserve Bank of India hiked it to 4% All the major banks, which are usually prompt in updating their websites with the changes in interest rates on loans and other schemes, don't...

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Moneylife Digital Team 18 April 2011
The detailed report on customer services has not yet been released despite it being ready; committee members are being kept in the dark over the progress of the report by the head, M Damodaran, who is incommunicado on this issue The M Damodaran Committee set up by the Reserve Bank of India...

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Moneylife Digital Team 24 March 2011
The committee, chaired by M Damodaran, has prepared the report. But members of the panel (a few top banking luminaries are on its board) are not aware of when the report will be finalised and whether there are any changes. Mr Damodaran, however, says that he is in the process of redrafting the...

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Moneylife Digital Team 18 February 2011
The Bank had decided to charge Rs10 for updating passbooks of account holders from other branches, but relented after a customer insisted that such basic services should not be charged "Hum hain na." That's a sentiment that almost every bank will paraphrase and advertise to assure customers...

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Sucheta Dalal Sucheta Dalal 10 February 2011
The number of people affected by bad credit scores has been rather thin as more than half the data at the country’s largest bank is rejected by CIBIL’s database because it is incomplete It is 10 years since the Credit Information Bureau (India) Ltd (CIBIL) was incorporated. Yet, fewer than 10%...

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Moneylife Digital Team 10 February 2011
Bank employee unions insist name of grievances cell should be easily understood by common citizens; also push for a special counter for senior citizens A committee set up by the Reserve Bank of India (RBI) to look into the issues of customer services has agreed to change the name of the...

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Sucheta Dalal Sucheta Dalal 10 February 2011
Market sources are emphatic that Shivraj Puri may have been fronting for a lot of insider activity After the absurd, headline-grabbing action of trying to implicate the Citibank global CEO into what were essentially actions of a rogue manager, the Rs400-crore scam seems set for a quiet...

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Sucheta Dalal Sucheta Dalal 10 February 2011
Don’t take your locker facility at your friendly neighbourhood bank as a given. These services might not be around for ever The growing prosperity and higher disposable incomes of middle-class India are having some interesting side-effects. Notice how jewellery shops in India remain...

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