What changed
RBI updated the previous Master Circular (July 2012) by incorporating all customer service instructions issued up to June 30, 2013. The new circular consolidates and supersedes earlier circulars listed in its appendix. Banks are now required to keep a physical copy at every branch for customer perusal.
What it means for you
Banks must align their branch-level customer service practices with the updated circular, covering areas like deposit account operations, cheque collection, and ATM dispute timelines. The requirement to display the circular at branches increases transparency and may lead to more customer queries. Lenders should review their internal policies to ensure compliance with the latest RBI directives.
What you must do
- Distribute the updated Master Circular to all branches and ensure a copy is available for customer viewing.
- Review and update your bank's Board-approved policies (e.g., Deposit Policy, Cheque Collection Policy, Grievance Redressal Policy) to align with the circular.
- Train branch staff on key changes, especially regarding ATM complaint lodging, passbook issuance, and basic savings account rules.
- Ensure nodal departments for customer service are functional and reporting to the Board's Customer Service Committee.
Who it affects
All scheduled commercial banks (excluding RRBs), Branch managers and customer service teams, Board-level Customer Service Committees, Deposit operations and cheque processing departments
Does this circular replace all earlier customer service instructions?
Yes, this Master Circular consolidates and updates all instructions issued up to June 30, 2013, as listed in its appendix. Earlier circulars are superseded.
Are banks required to keep a physical copy at every branch?
Yes, paragraph 3 of the circular explicitly advises banks to ensure copies are available in all branches so customers can peruse them.
What are the key policy areas covered in this circular?
The circular covers Board-approved policies on deposits, cheque collection, customer compensation, and grievance redressal, along with financial inclusion, ATM operations, and service charges.