Consumer Grievances in Banking – Solutions

Dear Friends,

Here is a summary of the key solutions proposed by you to minimize Consumer Grievances in the Banking sector.

Kindly review them and share any additional inputs that you might have. We will soon submit a set of 4-5 whitepapers with the Ministries and Departments for action.

Thanks,
Rajendra Pratap Gupta

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Consumer Grievances in Banking – Solutions

1. Set a time frame for all tasks
2. Simplify online submission & transaction
3. The rates of interest and other things can be kept common in all banks
4. A cap should be put on banking telemarketing calls
5. Rules and regulations should be made clear and transparent
6. No facts should be kept hidden from the customer at the time of signing a contract for any service
7. There should be zero hidden charges in transactions
8. Every charge including bank margin needs to be defined in Foreign Exchange transactions
9. A specialized grievance redressal department should be created in every Bank
10. Banking staff should be trained for handling consumer affairs as well as grievances
11. Customers should not be charged for the SMSs sent by the bank as per the Supreme Court guidelines
12. The performance appraisal of the bank employees should be directly linked with their performance, including customer service parameters
13. Interest on credit cards should be reduced
14. The gap in customer service between public and private banks should be bridged by training and development
15. The eligibility norms for business and personal loans should be eased more  

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I have found PSU are not customer friendly.In United Bank of India,I have bitter experience.Despite furnishing Form 15 H in time ,In first week of April every year I found heavy TDS at (Bokaro Branch)but I can't prove it as they don't give any acknowledgement and I am retd old person and live out of city or even out of country.Only after a yr or so they tell to obtain a TDS certificate & claim refund from IT which is not so easy.That too my income is not taxable.
Another problem with these banks,every year in April when submitting 16 H they ask for copy of PAN.
There should be a provision to submit 15H on line,Banks ask to submit it in person every year.It is problematic if I am out of country or even far off place in India more  
Though transparency is there, I don't accept that corruption is not there in banking sector. When my father (retired teacher) died 3 years back, he had a balance of more than Rs 75,000 at his SB account (I only got it entered just few days before his death) in a nationalized bank at Thirthahalli (shimoga district of karnataka), but when my sibling approached the bank they made her to travel 60 KMs almost once or twice in a week (distance between her house & bank). Finally after a struggle of 2 - 2.5 years, she got only about 55,000!!! Bloody idiots, dead person's money also they have eaten! God will not excuse those who are involved! more  
the work to be done is that each bank charges be made clear it must be told to every customer when he goesfor any service & These must be charged judiciosly especially in pvt banks which are main culprits govt must open nationalisd bank branches in every block i.e at block level so that people must hve cheap options for banking as pvt banks loot a lot. RBI only describes minimum charges or interest rate etc so banks r free to fix higher amounts so RBI must give a upper range also & No bank be allowed to go beyond that limit for every cost charges inteest rates etc. more  
i personnaly feel that it is only banking service which is somewhat transparent & Effective & Less corruption is involved more  
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