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Banking & Finance
RBI to form board for improving services in banks

MUMBAI: As per the S S Tarapore committee recommendations, the RBI will form Banking Standards and Codes Board to prescribe guidelines in the banking sector for improving customer services.

"The basic idea of the formation of the committee is to chalk out guidelines for improving customer services," RBI Chief General Manager (Banking Operations & Development), Mr Prashant Saran told reporters here on the sidelines of a seminar organised by Banking Frontiers, Indian Banks Association and PRMIA on Corporate Governance & Compliance.

However, he did not specify any time frame by which the board would be formed, nor did he talk about the number of members to be incorporated in it.

"Bringing integrity into the system also roots the idea of the formation of the committee," he added.

RBI in a notice towards the end of February this year said it was considered necessary to lay down a comprehensive framework of policy in a transparent manner relating to ownership and governance in the Indian private sector.

Replying to a question, Mr Saran said a perceptible change had been noticed in respect of disclosures of information made by the banks. - PTI

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