Based on the recommendations of the CPPAPS, banks were advised, among other things, to put in place an institutional machinery comprising of (a) a Customer Services Committee of the Board including, as invitees, experts and representatives of customers, to enable the bank to formulate policies and assess the compliance thereof internally; (b) Standing Committee of Executives on Customer Service, in place of the earlier ad hoc committees, to periodically review the policies and procedures, and working of the bank’s own grievance redressal machinery; and (c) a nodal department/ official for customer service at the Head Office and each Controlling Office, whom customers with grievances could approach in the first instance, and with whom the Banking Ombudsman (BO) and RBI could liaise.
BIS Review 18/2005  3  One issue that bedevils public sector banks is that of compensation. How do they attract new talent and match the salaries and the compensation flexibility being paid by consultants, by IT firms, by multinationals, by private sector banks? Is the quest for talent lost ab initio?