ECONOMICS

1. 1.4 :CUSTOMER SERVICES IN BANKS

2. Topics covered
• Implementation Of Various Measures By
Bank
• Products & Services Provided By Bank
• Banking Ombudsman Scheme 2006
• Purpose Of Banking Codes & Standards
Boards Of India(BCSBI)
•

3. IMPLEMENTATION OF VARIOUS
MEASURES BY BANKS

4. REGULATORY FOCUS ON FAIR TREATMENT OF
CUSTOMERS THROUGH PRODUCT LIFE -CYCLE
• CONTINUOUS
SUPPORT TILL EXPIRY
OF TERM
• PROMPT SETTLEMENT
OF DISPUTES
• EASILY ACCESSIBLE
• OBJECTIVE TIME-LINES
FOR REDRESSAL
• INFORMATION ON
ALTERNATE DISPUTE
RESOLUTION
MECHANISM
• ACCURATE
INFORMATION
• TRAINED STAFF
• NO MISLEADING
ADVTS.
• SIMPLICITY
• FAIR CONTRACT TERMS
• PLAIN LANGUAGE
• TRANSPARENT & NON –
DISCRIMINATORY PRICING
PRODUCT
DESIGN
MARKETING
AND
ADVERTISING
AFTER SALES
SERVICE
GRIEVANCES
REDRESSAL
4

5. Customer Service in Banks
1. Opening and closing of Bank Counters: working
hour of employee should start 15 minutes before the
commencement of business hour
2. May I help You Counter? :Experienced &
knowledged staff member with the staff member of
25 members
 Guide customers properly
 Open new deposit account speedily
 Provide assistance to customers

6. Con’d
3) Nomination Facility
4)Updating of Passbook : Passbook with a few entries
should be completed & returned to customers
5) Credit of Outstation cheques :Immediate credit of all
outstation /local stations upto RS.15000in each instance
including chedue, drafts, dividend warrants, payment
orders
6) MICR (magnetik ink character recognistion cheques )
cheque clearing System:
collection of outstation cheques upto RS.10000 for 4
metropolitan centers with MICR

7. Con’d
7) Collection of Local cheques: bank allow the use of
funds latest on third working day of acceptance of
cheques at the counter.
8) Proper receipt for the instruments tendered for
Clearance / Collection or cash receipt
9) Interest for delays of outstation cheques: Rate of
interest to be applied for delayed period will be rate
interest payable on GDRs/TDRs for the period
corresponding to delayed period.

8. Con’d
10) Prompt issuance of drafts / cash orders :
delays /refusals of issuance of drafts/cash orders
reflect poorly on the image of the bank.
 RBI prohibit acceptance or payment of cash of
Rs.50000/- & above
11) Settlement of claim cases :it should be easy &
user friendly.
12) Customer service Committee: It is set up at
branches for reviewing the quality of

9. Con’d
• customers & for facilitate deliberation on the
consumer’s complaints & redressal of the
greviences/complaints.
13)Time norms :
Encashment of Cheque 3 to 8 Minute
Receipt of cash 10 to 20 Min
Issue of DD/TC 15 to 25 Min
Payment of DD/TDR 10 to 20 Min
Opening of A/C 20 to 25 Min
Completion of Passbooks 5 to 15 Min
Statement of account 7 days from due

10. Con’d
Local 1 to 3 days
Outstation 10 to 14 days
Issue duplicate draft 5 days
Cheque book issue 15 minutes

11. Product / Services offered by Banks
1. Deposit Accounts
• Single A/C
• Joint A/C
• ‘No Frills’A/C
• Current
• Term Deposits
• Special Accounts
• Dormant Accounts
• Closing of Accounts

12. Product / Services offered by Banks
2. Clearing Cycles / Collection Services
3. Cash Transactions
4. Direct Debits and Standing Instruction
5. Stop Payment Facility
6. Safe deposit lockers

13. Product / Services offered by Banks
7. Foreign Exchange Services
8. Remittances within India
9. Loans and Advances
10.Guarantee
11.Credit cards

14. Banking ombudsman scheme,2006
• It offers customers recourse for resolution of
their complaints by banking ombudsman
against bank
Jurisdiction :
Under the scheme ,the banking ombudsman
assumes jurisdiction on receipt of complaints
against a bank (between bank & its
constituents or between bank & another
bank

15. Banking codes & standards board of india
(BCSBI)
1)What is BCSBI
• BCSBI is a society registered under the societies
registration act 1980 & function as autonomous
body to monitor & assess the compliance with
codes & minimum standards of services to
individual customers to which banks agree to.
2)How does the BCSBI affect common man ?
 The main function of board is to ensure adherence
to the “code of Bank’s commitment to customers ”
 The code is not only meant to provide protection to
the individual customers but also expected to
generate awareness in the common man about his
rights