Indian Reserve Bank of India Deputy Governor Swaminathan Janakiraman has asked banks to follow KYC rules with “accuracy and compassion”. He said that if they do not do so, the Central Bank will take regulatory action against them. At a conference of private bank chiefs on Monday, the deputy governor also expressed concern that in many cases customer complaint mechanisms, including the internal ombudsman framework, are treated more as a formality than as a solid and effective resource. He said the internal mechanism of Lokpal should be more than words written on paper. You must work with the spirit and diligence necessary to resolve problems impartially and as quickly as possible.
Directors are encouraged to work to create a customer-centric bank
The Lt. Governor said the Bank’s Board of Directors must work to create a customer-centric bank, where every individual, regardless of age, income or background, feels valued and respected. Customer-centric governance must be evident at every policy, process and service touchpoint. He said this should be even simpler when it comes to dealing with your customers fairly and transparently.
The Reserve Bank of India will not hesitate to act
Swaminathan said: “As I said earlier, this is an area where we are significantly focused on improving customer confidence in the system and we will not hesitate to take action if supervisory intervention is deemed necessary.” banks, especially the chairman of the customer service committee, to ensure that KYC guidelines are followed accurately and compassionately.
Financial monitoring and risk management will remain top priorities
“The Reserve Bank will not hesitate to take regulatory or supervisory action against institutions that fail to address these concerns in a timely and thoughtful manner,” he said, adding that traditional financial oversight and risk management measures will still be necessary. priorities, but going forward, boards must embrace technology, drive digital transformations, adopt a customer-centric approach and ensure ethical leadership.
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