RBI-appointed panel suggests host of customer-centric initiatives for banks ...Middle East

Business Standard - Economy

An RBI-appointed panel on Monday recommended hosts of customer-centric initiatives for banks, including online settlement of claims by heirs of deceased account holders, flexibility for submission of life certificates by pensioners and a centralised KYC database. The report of the Committee for Review of Customer Service Standards in RBI Regulated Entities (REs) has also suggested that the operations of accounts should not be stopped pending periodic Know Your Customer (KYC) updates. It recommended that there should be a time limit for the return of property documents to borrowers after the closure of the loan account, failing which a penalty should be imposed on the lender. In case of loss

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Last updated : 05 June 2023 clock 04:17 PM

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RBI-appointed panel suggests host of customer-centric initiatives for banks ...Middle East

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