group 3( bank grievances redressal policy) (1) (1)

8/10/2019 Group 3( Bank Grievances Redressal Policy) (1) (1)

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BY - SUBMITTED TO - PROF. R.C.BHATN

MOHIT BHARDWAJ

APURVA JHABHARAT SINGH

CHARU JOSHI

VAIBHAV TYAGI


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Meaning Of Grievance

An Official Statement of a Complaint oversomething Believed to be wrong or unfair

For Example:

A customer files a complaint in a official statement tomanagement of a bank for not providing services in timelymanner.


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Grievances Redressal Mechanism


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Policy For Grievance Redressal in Banks

The Policy for grievance redressal should provide for:

Aims and Objectives of the Policy;Advisory To Banks

Machinery for handling Customer complaints/ grievances;

Mandatory display requirements;

The level of officials responsible for resolution of Grievances;Specific time frame to be set up for handling complaints;

Personal interaction with customers by banks staff; and

Sensitizing operating staff on handling complaints.


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Aims and Objectives of the Policy

Aims at minimizing instances of customer complaints andgrievances.

Ensure prompt redressal of customer complaints and reviewmechanism.

The policy should follow the undernoted principles:

Customers should be treated with courtesy and fairly at alltimes.


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Aims and Objectives of the Policy

Customers should be fully informed of avenues to escalate theircomplaints/grievances within the organization and their rights toalternative remedy.

To treat all complaints efficiently and fairly.

Employees should work in good faith and without prejudice to theinterest of the customer.


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Machinery for Handling Customer Complaints Gr

o Customer Service Committee of the Board - formuComprehensive Deposit Policy.

o Standing Committee on Customer Service - Chaired by tManaging Director/ED - evaluate feed-back on quality ofcustomer service; ensure compliance of all regulatoryinstructions regarding customer service; consider unresolved

complaints/grievances; submit report on its performance to thecustomer service committee of the board at quarterly intervals.

Nodal Officer and other designated officials to handlecomplaints and grievances - responsible for the implementation

of customer service and complaint handling for the entire bank.


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Mandatory Display Requirements

Appropriate arrangement for receiving complaints andsuggestion.

Name, address and contact number of Nodal Officer(s).

Contact details of Banking Ombudsman of the area.

Code of banks commitments to customers/Fair Practice code.


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The level of officials Responsible for Resolution of Grieva

Branch Manager is responsible for the resolution ofcomplaints/grievances.

Branch Manager to be responsible for ensuring closure of allcomplaints.

If Branch Manager cannot resolve the problem, he can refer itto Regional/ Zonal office.

Regional/ Zonal office can further refer the matter to the NodalOfficer.


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Specific Time Frame to be Set up for Handling Compla

Complaints to be analyzed from all possible angles.

Specific time schedule to be set up for handling complaints atall level.

Complaints which require time for examination should invariablybe acknowledged promptly.

Branch and zonal office must send action taken report oncomplaints to head office on monthly basis.


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Advisory To BanksEnsure that the complaint registers are kept at prominent place intheir branches which would make it possible for the customers toenter their complaints.(Complaints registered Offline)

Have a system of acknowledging the complaints, where thecomplaints are received through letters / forms

Prominently display at the branches, the names of the officials whocan be contacted for redressal of complaints, together with theirdirect telephone number ,fax number, complete address (not PostBox No.) and e-mail address etc. for proper and timely contact bythe customers and for enhancing the effectiveness of the redressalmachinery.


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Personal Interaction with Customers by Bank

s Staff

There should be structured customer meets.

Feedback from customers to be considered valuableinput.


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Sensitizing Operating Staff on Handling Complain

Staff to be properly trained to handle complaints.

Imparting soft skills for handling customers.

Nodal officer to ensure internal machinery for handlingcomplaints/grievances operates smoothly and efficiently at alllevels.

Feed backs on training needs of staff to be given to the HR

Dept.


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IntroductionBank of India was founded on September 07, 1906 by a group of eminentbusinessmen from Mumbai. The bank was under private ownership andcontrol till July 1969 when it was nationalized along with 13 other banks.Beginning with one office in Mumbai, with a paid up capital of and 50 employees,

The bank has 3101 branches in India spread over all states/ union territorieincluding 141 specialized branches.

The bank has been the first among the nationalized banks to establish afully computerized branch and ATM facility at the Mahalaxmi Branch atMumbai way back in 1989. The bank is also a founder member of SWIFT iIndia.


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Products &servicesKits introduced for NRI Customers opening NRE/ NRO accounts at foreigncenters

Calculation of interest on Savings Bank account, from April 01, 2010, hasbeen changed from monthly product basis to daily product basis.

The bank introduced issuance of insta pin for Debit cum ATMwill address the customer grievance for non receipt of Re pin

As a fraud prevention measure, SMS alerts Star Sandesh are gene

and provided to all customersEnabling internet banking customers to make online Fixed Deposit

Mobile Banking facility is introduced as the latest alternate deliverychannel.

Online Interbank Fund Transfer across banks, through Star Connect Interne

Banking Services, using RTGS/ NEFT


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GRIEVANCES REDRESSAL POLICY

INTRODUCTIONIn order to make banks R edressal mechanism more meaningful and

effective, a structured system has been put in place. This system willensure that the complaints are redressed in a just and fair manner withinthe given framework of rules and regulations. The policy document wouldbe made available at all branches. All employees of the Bank will bemade aware of the complaint handling process.


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Internal Machinery to handle Customercomplaints/grievances

1. Three tier grievance Redressal System :

The Bank will have a public grievance machinery functioning at three levelsi.e. Branch, Zonal and Head Office level. All complaints received at every lewill be immediately acknowledged, redressed and final reply will be given tothe complainants.


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Internal Machinery to handle Customercomplaints/grievances

ii. Nodal Officer and other designated officials to handle complaintsand grievances :

Bank has appointed General Manager (Operations ) who is responsiblefor the implementation of customer service and complaint handlingpolicy for the entire bank. His name, address, telephone number, e-mail Id have been published through prominent dailies and also onBanks website. The Bank may also appoint customer relation officer atZonal Offices to handle complaint grievances in respect of branchesfalling under their control.


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Nodal OfficerThe Bank will have a public grievance machinery functioning at three levelsi.e. Branch, Zonal and Head Office level. All complaints received at everylevel will be immediately acknowledged, redressed and final reply will begiven to the complainants .

Nodal Officer and other designated officials to handle complaints andgrievances.

Bank has appointed General Manager (Operations ) who is responsible forthe implementation of customer service and complaint handling policy forthe entire bank.


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Nodal Officer

His name, address, telephone number, e-mail Id have beenpublished through prominent dailies and also on Banks website. TheBank may also appoint customer relation officer at Zonal Offices tohandle complaint grievances in respect of branches falling undertheir control

List Of BCSBI Code Compliance Officers & Nodal Officer


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List Of BCSBI Code Compliance Officers & Nodal Officer

CHIEF GRIEVANCE REDRESSAL OFFICER/ PRINCIPAL CODE COMPOFFICER OF THE BANK:

o Shri. M.V.Venketeswaran, General Manager, (Customer ExcellenceBranch Banking) Nodal Officer for Grievance Redressal at Head Office:

o Dr. Saanjiiv Pathak, Chief Manager, Customer Excellence BranchBanking Dept

List of Few Nodal Officer(Branch Manger) for Grievance Redressal at theBranch

New Delhi - Shri .S.K.Aggarwal

Gandhinagar - Shri Rajeev Pathak

Guwahati - Shri. Vincent Lakra

Mumbai (South) -Shri D.P Garg


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The Responsibilities of the Nodal Officer IncludTake capacity building initiatives, in collaboration with otherfunctional heads and the training establishments, to enable the front

office and back office staff to deliver quality customer service.Convene meeting of the Standing Committee on Customer Serviceand Customer Service

Committee of the Board and to implement their directions in a timebound manner.

Ensure prompt submission of all reports and returns to RBI and otherstatutory regulatory

bodies relating to Customer Service.

Take all other actions and initiatives necessary to improve thequality of Customer Service, on continuous basis.


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S di C i C S i


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Standing Committee on Customer Service

The Committee would be responsible to ensure that allregulatory instructions regarding customer service are followedby the Bank. Towards this, the Committee would obtainnecessary feed-back from the Zonal /functional heads.

The committee also would consider unresolvedcomplaints/grievances referred to it by functional headsresponsible for redressal and offer their advice.

The Committee shall review the compensation paid by bank tocomplainants for errors.


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Chief Customer Service Officer(Internal Ombudsman)

CSO are appointed by Banks.

Objective of CCSO- enabling customer of the bank toaccess an independent arbitrator for their complaint,when they are not satisfied with the resolution provided

by the bank.

The appointment of CCSO shall further strengthen theinternal Grievance Redressal mechanism of the Bank.


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The Details of CCSOThe details of CCSO are as follows :

Name - Mr. Bhasker Salian Designation

(Chief Customer Service Officer)

Office Address -Bank of India (Head Office)

Bandra Kurla Complex Bandra (East)

Mumbai 400 050Telephone-022-66684763

Email ID - [email protected]


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Procedure for Approaching CCSO

The customer before making a complaint to CCSO should make a representation to the Bank.

In case the customer is not satisfied with the reply givenby the Bank or the Bank has rejected the complaint orthe Bank has failed to respond within a month of therepresentation, the customer can approach the CCSO with the complaint reference no.

The CCSO shall ensure that as far as possible, thegrievances are settled through internal Redressalmechanism


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Mandatory display requirements

It is mandatory for branches to provide appropriate arrangementsfor receiving

Complaints

Suggestions

The name , address and contact of nodal officer

Contact details of banking ombudsman of the area

Head office shall supply posters for display in branches about allinformation.


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Interaction with customers

The bank recognizes that customersexpectation/requirement/grievances can be better appreciatedthrough personal interaction with customers by banks staff.

Structured customer meets, say once in a month will be organisedto give a message to the customers that the bank cares for them.

Many of the complaints arise on account of lack of awareness

among customers about bank services


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Dealing with Sexual Harassment ComplaintsThe Reserve Bank had introduced a formal Grievance Redressal

Mechanism in 1998 to deal with complaints of sexual harassment of

women, in compliance with the Supreme Court Guidelines of August 13

1997. These guidelines need to be revisited in conformity with the

provisions of the Sexual Harassment of Women at Workplace (Prohibitio

Prevention and Redressal) Act, 2013 and Sexual Harassment of Women

at Workplace (Prohibition, Prevention and Redressal) Rules, 2013. The

Bank is, therefore, in the process of preparing a new comprehensive set

of guidelines for dealing with such complaints. These guidelines are

proposed to be issued during 2014-15.


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Latest Developments andRecommendation for Future

.RBI's recently released draft charter ofrights could bring an end to nigglingissues that customers face currently


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Know what's Right' for Better Banking

On 3 rd September 2014 The Reserve Bank of India (RBI) has

released a draft `Charter of Customer Rights', seekingcomments before finalising the charter. It aims to safeguardfive key customer rights, including right to fair treatment, rightto transparency, fair and honest dealings, right to suitabilityand right to privacy

In fact, a detailed customer grievance redressal frameworkalready exists. "Although a customer is expected to be treatedfairly as per the code of banks' commitment to customers, it isa voluntary code and was not treated as a right," explains VNKulkarni, chief credit counsellor with the Bank of India


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Know what's Right' for Better Banking

The new charter could be an antidote to these niggling issues.Complaints against mis-selling, in particular of life insurancepolicies, continue to make news. "Perhaps, such tactics will notbe adopted by banks as the customers are now being armedwith the right to transparency, fair and honest dealing," addsKulkarni.

The new charter confers `rights' upon banking customers, andthe RBI can punish the banks for non-compliance. "The banks'code of commitment to customers had persuasiv ..

Proposed Rights and the Likely


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Proposed Rights and the LikelyBenefits For Customers:

Right to Fair Treatment

This proposed right aims

To ensure that banks do not discriminate on grounds of gender, age,

religion, caste and physical ability while offering products and services.

This, however, does not mean that banks cannot offer differential rates

of interest or products to customers.

"The financial services provider may , however, have certain special

products which are specifically designed for members of a target market

group

Right to Transparency, Fair and Honest Dealing


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This proposed right aims Banks will have to ensure that all contracts are "...transparent, easily

understood by and well communicated to, the common person." The

language used in terms and conditions could be simpler.

Also, information on the product's price, customer's responsibilities will

have to be clearly disclosed. "The key risks associated with the

product as well as any features that may especially disadvantage the

customer should be made known to him.

Most Important Terms and Conditions should be clearly Disclosed.

Right to Suitability


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g y


This clause is especially relevant for customers who are

saddled with life insurance-cum-investment policies that donot meet their requirements Despite stringent regulations an

caps on charges on these products many customers

continue to complain about Mis-sold products.

The charter proposes to make it mandatory for banks to sellproducts that suit customers' needs, financial circumstances.

Right to Privacy


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This proposed right aims If the charter is finalised in the current form, banks will be directed

to ensure confidentiality of customers' personal information unlessthe disclosure is required by law or if they have consented to it. "Customers have the right to protection from all kinds ofcommunications, electronic or otherwise, which infringe upon theirprivacy," the charter states. In other words, your information andcontact details cannot be shared with say telemarketing

companies


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Right to Grievance Redressal and Compensation


The charter proposes to make the institutions accountable fortheir products and those of third parties. The draft reiterates theexisting guidelines for establishing a grievance redressalmechanism, acknowledgement and communication onescalating the matter, should the customer be dissatisfied withthe redressal officer's decision


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