`Banks have to compensate for deficient services' (
Business Line, June 24) brings out the concern of the IBA in ensuring good service to the customers.
Though there are improvements on recovery and NPAs, financial institutions are striving hard to keep in line with NPA norms, lest the profitability should be eroded.
IBA, in the larger interest of the customers' community, has every right to ask the member banks to compensate aggrieved customers.
Despitethe effective functioning of the Banking Ombudsman, there are customers who are worried about thequality of the banking service.
IBA, jointly with RBI, should venture into the actual problems faced by individual banks.
C. P. Velayudhan Nair
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