The AIBEA through a memorandum to Urjit Patel has asked to work in the interest of banks' customers and protect them against several malpractices including hidden charges, one-sided loan agreements and product miss

The memorandum has got the support from consumer forums, employee unions and depositors' forum. The memorandum further pushes on bank account portability to improve customer experience. Also a cap has been sought in case of liability in any of the unauthorized banking transaction.

The memorandum also highlighted of the fine print which is unnoticeable while signing up an agreement and bank's frequent increase in charges. The union body has taken a consensus view for ensuring "urgent policy changes to ensure that banks treat bank customers fairly".

There was also a concern over the Banking Ombudsman's rulings and policies not working in favour of banks' customers and are being sided with banks. There should also be an effective mechanism in place to protect customers' against unauthorized banking transactions.

The memorandum also stressed on pushing bank account portability for the convenience of banking customers and said that RBI should give specific timelines for faster redressal and escalation, losses being compensated for in case of mis-selling and penalty being paid-out due to negligent services

Goodreturns.in