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RBI Study Finds Banks Guilty Of Not Informing Customers Of Service Charges While Opening Account
Branches of Bank Of India , PNB, State Bank Of Bikaner & Jaipur and State Bank Of India on 1 July 2013 in Patna, India. (Pradeep Gaur/Mint via Getty Images)
According to new RBI study, more than 30 per cent of respondents complained that banks did not share information about service charges at the time of opening a bank account, reports The Hindu BusinessLine (BL).
The respondents added that banks did not inform them of subsequent changes. The pilot study was commissioned by the Reserve Bank of India (RBI) on charges levied for basic banking services.
In the study, more than 25 per cent of the respondents voiced their discontent over fines such as penalty on non-maintenance of minimum balance, cash deposit charges at home and non-home branches, cheque return charges (deposited by the customers), and for signature verification.
These findings are in line with the type of complaints received by the banking ombudsman in FY18 (2017-18). According to publicly available data, complaints of ‘non-observance of fair practice code’ accounted for the biggest share (22.1 per cent) of total complaints received across the country.
Good Customer Service?
However, according to another report, the Indian banking sector is becoming more customer friendly as there is a marked rise in mutual settlement of complaints compared to the past two years.
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