BUSINESS INDIA

Mis-selling by bank due to challenging targets before staff :RBI

rbi

Reserve Bank of India ( RBI )has said that challenging target set for employees, incentives to the staff, and training are the reasons for mis-selling of property investment products by the bank, or statement said on Monday. Drawing attention to a large number of complaints on mis-selling, Deputy Governor S.S MUNDRA said:- ” the underlying reason where the challenging target set for employees, incentives linked quotes, lack of training and fast rotation of Frontline staff.” these along with the lack of coordination front office, impacted customer protection and made it inconvenient for the complainants to easily approach the appropriate authority for redressal, ” he said at the annual conference of Banking ombudsmen held here on July 25. he, therefore, urged that the commitment management of the bag should also percolate draw the line so that the customer receive efficient service as well as view care at all touch points.
With regard to complaint management, mudra said that the bank should see to study the patterns and Undertaker root cause analysis of complaints, which would be possible by adopting into and automation of grievance redressal mechanism and deployment of the latest analytical tool. The banking Ombudsman scheme has been amended in July 2017 to include deficiency is in mobile and electronic banking as well as mis-selling of third party investment products by bad as eligible grounds for lodging complaint or under the bank Ombudsman scheme. In order to be 10 and widen the reach of the BO, scheme mudra mentioned that the RBI has opened 5 new BO office and is required, more officers could be.

 

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