RBI forms committee to ensure bank charges

In a bid to ensure reasonableness in bank charges and to incorporate them in the fair practice code, the Reserve Bank of India has constituted a working group to formulate a scheme.

In a bid to ensure reasonableness in bank charges and to incorporate them in the fair practice code, the Reserve Bank of India (RBI) has constituted a working group to formulate a scheme.

The working group would comprise of five eminent personalities, including N. Sadasivan, chairman, Banking Ombudsman, Mumbai; S. Diwakara, All India Depositors’ Association; H.N. Sinor, chief executive Officer, Indian Banks Association; P. Saran, chief general manager, RBI; Kaza Sudhakar, CGM, as member secretary.

The major objective of this group would be to enumerate the various basic banking/ financial services rendered to individual customers for which the scheme should be applicable. Also the group has to study the basis/ methodology adopted by banks for fixing the quantum of charges/ fees for such services.

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The central bank has asked this committee to submit the report at the end of July 2006. This move by RBI was in response to Annual Policy Statement 2006-07.

The RBI has also constituted another working group to suggest measures to assist distressed farmers including provision of financial counselling services and introduction of a Specific Credit Guarantee Scheme under the Deposit Insurance and Credit Guarantee Corporation of India (DICGC) Act for such farmers.

RBI panel for distressed farmers

MUMBAI: The Reserve Bank of India (RBI) has constituted a nine-member working group to assist distressed farmers through financial counselling services and introduction of a specific credit guarantee scheme for them.

The group will submit its report by September 30, 2006, the central bank said in a release. The group will decide the circumstances under which a farmer can be treated as distressed and will also review the international experience in assisting distressed farmers through financial counselling and planning services.

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Also, the group will evolve a credit guarantee scheme, under the Deposit Insurance and Credit Guarantee Corporation of India (DICGC) Act for such farmers.

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