What changed
RBI observed that certain primary (urban) co-operative banks have not yet submitted the action plan and contact information for a senior functionary to coordinate ATM-related complaints, as required by circular DPSS.CO.PD. No.52/02.10.02/2010-11 dated July 6, 2010. The central bank has now issued a reminder directing these banks to furnish the details to the Department of Payment and Settlement Systems, Central Office, Mumbai without further delay.
What it means for you
Urban co-operative banks that have not complied face regulatory scrutiny and potential action for non-adherence to customer grievance redressal norms. This circular underscores RBI's focus on ensuring that all banks, including smaller co-operatives, have a standardized process for customers to lodge ATM-related complaints at the site itself. Banks must prioritize this to avoid penalties and maintain customer trust.
What you must do
- Immediately submit the action plan for implementing complaint templates at all ATM sites to DPSS, RBI Central Office, Mumbai if not already done.
- Provide the name, phone number, and email address of a senior functionary who will coordinate ATM complaint-related matters.
- Verify that all ATMs have the required complaint templates available for customers as per RBI instructions.
- Ensure internal compliance teams track and adhere to all RBI circular deadlines to avoid future reminders.
Who it affects
Primary (Urban) Co-operative Banks, Chief Executive Officers of all Urban Co-operative Banks, Senior functionaries responsible for ATM complaint coordination
What is the deadline for submitting the action plan and contact details?
The original deadline was July 31, 2010, as per the earlier circular. Since some banks missed it, RBI now requires immediate submission without further delay.
Where should we send the action plan and contact information?
Submit to the Department of Payment and Settlement Systems (DPSS), Central Office, Reserve Bank of India, Mumbai.
What happens if we do not comply with this circular?
Non-compliance may lead to regulatory action, including penalties or further scrutiny, as RBI has explicitly noted that certain banks have not yet responded.