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special featureConclusionBanking has undergone change. So has the customerchanged. The customer of today is not what he wasyesterday. Today the customer is more knowledgeable,demanding, analytical and aware of his rights. It istherefore a challenging task before the banking sectorto revisit their entire working modules, upgradation ofskills, technology, and policies so that they are competentto withstand the international competitive environmentin future. Customer satisfaction is an integral elementin inculcating trust among the common people on thebanking sector. Therefore, it is imperative that people,process and technology must be appropriately integratedtogether to satisfy the business and customer needs.References1. Inaugural address by Smt. Usha Thorat, Ex-Deputy Governor,RBI on “Establishing consumer Centric Financial ServicesDelivery Infrastructure.”2. Special Address by Dr. K. C. Chakrabarty, Deputy Governor,RBI at BANCON 2011 on “Gearing up for the CompetitiveImpulse in the Indian Banking in its defining Decade”.3. Shroff Memorial Lecture delivered by Dr. Subir Gokarn, DeputyGovernor, RBI on “Growth, Resilience and Reform : Reflectionson Post-crisis Policy Challenges”.4. Vinimaya, October-December, 2009.5. RBI Trends and Progress- 2010-2011.6. Indian Banking : Towards Best Global Practices by Mc Kinsey &Company.7. Building and providing world class customer care By BillSumerlin and Phil Hodson.8. Being Five Star in Productivity - Roadmap for Excellence inIndian Banking by BCG, IBA & FICCI.9. Joint study conducted by Outlook Money and TNSReport of the Committee on Customer Service in Banks10.Key Note Address by Shri R. K. Bakshi, Executive Director ofBank of Baroda in Annual Banking Conference held at NMIMSCampus.The Reserve Bank constituted a Committee (through a Board Memorandum dated May 26, 2010) under the chairmanship ofShri M. Damodaran, former Chairman, SEBI to examine banking services rendered to retail and small customers, includingpensioners. The Committee also had a mandate to look into the grievance redressal mechanism prevalent in banks, its structureand efficacy, and suggest measures for expeditious resolution of complaints.The Committee had interactions with various stakeholders on all aspects of customer service fair treatment, improvement inservices to pensioners, attitude of the bank staff towards the small and rural customers, service charges and fees, transparencyin operations, grievance redressal, promptness in service, education and information on new products, and customer rights andexpectations, among others. The Committee also called for public suggestions.The Committee submitted its report to the Bank in July 2011. According to the Committee, the major expectations of consumersare that banks should : (i) have a customer-centric approach; (ii) render fair and non-exploitative treatment and adhere to fulldisclosure of information; (iii) put in place an expeditious grievance redressal; (iv) provide a simple deposit account instead ofsuo moto offering bouquet services without customer demand and charging for the same.The recommendations of the Committee are based on the above customers expectations. They include inter alia : (i) creationof a toll free Common Bank Call Number; (ii) providing plain vanilla savings account without prescription of minimum balance;(iii) setting up of a trusted third party KYC data bank, which can be relied upon for KYC purposes; (iv) providing small remittancesat reasonable price; (v) zero liability against loss in ATM and online transactions; (vi) enhancement of Deposit Insurance andCredit Guarantee Corporation (DICGC) cover to `5,00,000.Source : Report on Trend & Progress of banking in India, 2010-11, RBI26October - December 2011The Journal of Indian Institute of Banking & Finance