RBI Guv hits out at poor service to ‘no frills’ account holders

Reserve Bank of India Governor D Subbarao gave vent to his annoyance against the shoddy treatment meted out by fontline branch managers

Written by ENS Economic Bureau | Mumbai | Published: July 5, 2012 1:14:22 am

Reserve Bank of India Governor D Subbarao on Wednesday gave vent to his annoyance against the shoddy treatment meted out by fontline branch managers to ‘no frills’ account holders and low-income households that too when the banking sector is witnessing “a disappointingly large number of cases of bank branches with low customer footfalls and ‘no frills accounts’ which remain largely inoperative”.

“The general impression I got is that frontline branch managers treat ‘no frills’ accounts as a ‘nuisance’ and low income households as an intrusion into their time and their business. This is disappointing to say the least,” Subbarao said at a function organised by Indian Overseas Bank.

“Bank managers have no time for them; the documentation required is not indicated all at once; the paper work is exacting; the attitude of the bank staff is unsympathetic if also uncivil,” Subbarao said.

Subbarao said banks should look upon financial inclusion as an opportunity to build ‘fortune at the bottom of the pyramid’. “We need to reach out to people left behind,inspiring their trust and confidence in the banking system and supporting them in improving the quality of their lives.”

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