RBI Governor Shaktikanta Das revealed the MPC results yesterday, March 7, after it convened on June 5. The repo rate has remained unchanged at the same time. The repo rate has reportedly stayed at 6.50 percent for the last few months. In the meantime, RBI posted details on its customer-centric practices on its social media site X yesterday night.
Introduction to RBI’s Customer-Centric Policies
We would like to notify you that the RBI stated on its social media platforms that “In today’s monetary policy statement, Governor Shri Shaktikanta Das mentioned the customer-centric policies the RBI has implemented in the last few years.” RBI’s Annual Report for FY 2023–2024, pages 142-143, provides a detailed explanation of these measures.
Importance of Customer Service
The cornerstones of consumers’ faith and credibility in the financial system are customer service and prompt, efficient grievance resolution. In addition to lessening the difficulties faced by consumers as a result of poor service, a robust and adaptable grievance redressal system also improves the entity’s brand value in the financial services industry overall and increases customer satisfaction.
One Nation One Ombudsman Initiative
The RBI has implemented a number of institutional measures in the past few years with the goal of enhancing RES customer service. One Nation One Ombudsman, Internal Grievance Redressal Mechanism, Fair Practice Code for Customer Service Department, Lender Customer Education and Protection Department, and Safe Banking are a few examples. raising public awareness of security and customer service. Numerous such customer-centric policies have been offered by RBI.