I am sure that the committee reviewing the Code of Banks’ Commitments to their Customers would be guided by the spirit of the principles listed out in the “Charter of Customer Rights”. On its part, Reserve Bank will be monitoring aberrations/ non-adherence to the Charter during supervisory process.
Specifically, I would urge the committee to factor in following recent developments in the sector and weave them into the Codes appropriately while reviewing the same: (i) New branch authorization policy: use of banking correspondents Business Correspondent (BC) Model has been a major facilitator for financial inclusion especially in unbanked/under-banked areas.