The Reserve Bank of India on September 7 proposed several recommendations it says could form the basis for certain new customer-service practices it might require Indian banks to adopt that would affect credit cardholders.
The central bank presented 10 recommendations to improve bank customer service, including for credit and debit cardholders, at a Banking Ombudsman conference held in Mumbai.
One recommendation was that banks should take steps to provide cardholders with some form of liability insurance for credit and debit card transactions.
The central bank also recommended that in the case of disputes about ATM or Internet-based banking transactions, the onus should be on the bank to prove a customer’s negligence or mistake.
Customers also must be fairly compensated for losses associated with transactions they did not authorize, the organization recommended.
The central bank said it plans to join the Indian Banks Association in examining the possibility of requiring financial compensation for harassment suffered by bank customers, including cardholders.
Another recommendation called for creating a program to raise awareness about the Banking Ombudsman office, including sharing information with the public about complaints bankcard issuers received and resolved.
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