To encourage a formal channel of communication between the customers and the bank at the branch level, banks were advised to take necessary steps for strengthening the branch level customer service committees with greater involvement of customers. Senior citizens are important, they are to be included in the branch level customer service committees. These should be as a mechanism of effective corporate governance.
Whereas 12 years ago we had to bail out the banks, this time, we have had to backstop certain markets. Secondly, COVID infection rates are on the rise again in many countries. Restrictive measures have been re-introduced, and uncertainty is increasing. This is bad news for the economy. The fiscal and monetary stimulus packages have until now cushioned part of the blow.