The fact that the RBI’s mandate for depositors’ protection is enshrined in a statute dating as far back as 1949, is itself a tribute to the vision of the public policy makers who thought it appropriate to enact a highly customer-centric legislation and to entrust this onerous responsibility to the central bank of the country, which is a unique institution in every country of the world.
What is interesting to note here is that this responsibility was assigned to the RBI in an era probably long long before the concepts like customer service, customer experience, customer satisfaction, customer delight and “customer centricity” found an entry into the lexicon of the banking or business world and became rather fashionable.