The Hindu Business Line : `Grievance redressal system soon for bank customers'

THE Union Government is planning to put in place a grievance redressal mechanism for the benefit of bank customers. In this regard, the Government will come out with a new ombudsman plan within the next 15 days. This was revealed by the Union Finance Minister, Mr P. Chidambaram, in Manipal on Saturday. He was addressing the staff and customers of Syndicate Bank.

"The ombudsman will be the watchdog of customers," he said, adding that the grievance redressal mechanism for bank customers is in the final stages of clearance. Commending the changes in the service patterns of banks in the last few years, he said efficient services should be the goal of bankers.

In a span of three to five years, India will be one of the top three economies in the world. To become a giant economic power, the domestic financial sector should become efficient and world class. Indian industries could grow only with efficient financial sector, he said. In such a situation, the size of the banks adds to the efficiency.

Stressing the need for big, strong and world-class banks, the Minister said that such banks will bring down cost per transaction.

The country needs additional Rs 60,000 crore capital in the next five years to support the seven per cent to eight per cent GDP growth, he said, adding that only strong financial sector can provide this.

He urged the people to invest their savings more in financial instruments to boost economic growth.

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