Monday, August 9, 2010

The Hindu Business Line : RBI fiat to banks on e-payment products

The Hindu Business Line : RBI fiat to banks on e-payment products

It goes without saying that all Commercial Banks should follow the modern methods of serving the customers. All the investments made in procuring hardware, software and training to its Officials should be effectively utilised. It is a technology revolution we are witnessing these days in all walks of life including the banking system. When a regulator (earlier, we used to refer as big brother or iron curtain) like RBI has become pro-customer, undertaking customer education and so on with all its pro-active measures, it is necessary that Commercial Banks fall in line.

Electronic settlements of funds have to be adopted fully so that customers are not inconvenienced at all. We have a long way to go in ensuring that modern facilities reach the grass root level. On one side, we are still talking about Financial Inclusion, Underbanking, etc., several public and private players are coming forward to afford these services to all sections of the society. RBI's fiat is very apt to banks.

No comments: