I would urge the banks to pay particular attention and take measures, as necessary, to revamp/strengthen their grievance redress mechanisms and minimise the escalation of grievances to the RBI ombudsman in the interest of the customers. Banks should also ensure fair treatment of customers and avoid mis-selling through proper sensitisation of staff and direct selling agents.
His wish to combine financial theory and practice is reflected even more than ever in the current times, where uncertain events of differing magnitude force us to reconsider our own validation methods. The Duisenberg school of finance bares witness to that.