Banks' code compliance falls in 2016-17
Financial News :
Banks in India continue to struggle with the quality of their customer service. The overall average code compliance score on customer service based on parameters such as grievance redressal, transparency and information dissemination fell to 77 in 2017 from 78 in 2015. According to compliance ratings by the Banking Codes and Standards Board of India (BCSBI), State Bank of India improved its credit score to 76 from 70 in 2015.
Only one-fourth of the 51 banks in the country are rated 'high' for complying with the norms, which focuses on fair treatment of customers.
BCSBI is an independent body set up by the Reserve Bank of India (RBI). The BCSBI code uses five parameters for the rating – information dissemination, transparency, grievance redressal customer centricity and customer feedback. Information dissemination is the parameter where most banks have performed poorly with 15 banks having a ‘below average’ rating. The banks that score below average on parameters of transparency and information dissemination are all PSBs with large number of branches engaging in mass banking.
Of the 12 banks rated 'high', only one public sector lender, IDBI Bank, featured in the list and the rest were private and foreign banks, according to the annual code compliance rating released by BCSBI on Tuesday.
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