What changed
RBI updated the previous Master Circular (July 1, 2011) by incorporating all customer service instructions issued up to June 30, 2012. The circular consolidates and supersedes earlier circulars listed in the appendix. Banks are now required to make copies available at all branches for customer perusal.
What it means for you
Banks must align their branch-level practices with the updated consolidated guidelines on customer service, including deposit policies, cheque collection, compensation, and grievance redressal. The circular reinforces RBI's focus on transparency, financial inclusion, and timely resolution of ATM-related complaints. Non-compliance could invite regulatory scrutiny.
What you must do
- Distribute the Master Circular to all branches and ensure it is accessible to customers.
- Review and update board-approved policies (Deposit, Cheque Collection, Compensation, Grievance Redressal) as per the circular.
- Train branch staff on key updates, especially ATM complaint timelines, passbook issuance, and service charge disclosures.
- Ensure trilingual printed material on basic banking accounts is available at all branches.
Who it affects
All scheduled commercial banks (excluding RRBs), Branch managers and customer service teams, Board-level Customer Service Committees, Deposit account holders and ATM users
What is the key change in this Master Circular compared to the 2011 version?
It updates the previous circular by including all customer service instructions issued up to June 30, 2012, and consolidates them into a single document. Banks must now keep copies at all branches for customer access.
Does this circular affect ATM complaint handling?
Yes, it includes instructions on time limits for reconciling failed ATM transactions and procedures for lodging ATM-related complaints, which banks must follow.
Are banks required to have board-approved policies on customer service?
Yes, the circular mandates board-approved policies on deposits, cheque collection, customer compensation, and grievance redressal, and banks must publicize these policies.