Customer awareness & banks: Keeping banks on their toes
He looks such a mild man that you wouldn’t think he breathes activism; you wouldn’t believe he would fight with a missionary zeal against injustice. But he did—so effectively, that service providers had to mend themselves. And even after his triumph, he continues to crusade for the issue that so many people are saved from undergoing the experience that he underwent.
Pune-based senior citizen Sharad Phadke’s
fight has prompted a systemic change after his failed ATM transaction of Rs1,000 was debited from his account but not restored for 65 days by Bank of India (BoI), despite repeated reminders.
Mr Phadke put up his case on the rtiindia.org
website and a former bank official and RTI activist, JP Shah, also invoked the RTI Act on this issue with other banks like IDBI Bank, Bank of Maharashtra, ICICI Bank and Bank of Baroda. Here is the link to the thread: https://www.rtiindia.org/forum/48890-...nsactions.html
After Mr Phadke’s story appeared on the Moneylife website on 4th May, managing editor Sucheta Dalal sent the article to the RBI, pointing to its contents as well as complaints of frequent breakdown in bank ATMs.
The RBI has now reduced the banks’ timeframe from 12 days to nine days for depositing back the failed transaction amount to the customer’s account. A couple of other banks have made the procedure automatic so that they do not have to be burdened by the penalty.
While Mr Phadke continues his mission to find out what other banks are doing to avoid customer inconvenience in this regard, it’s a great story about how an individual’s dogged fight can discipline large organisations like banks. Kudos to him!
The article has been published at Money life here
Vinita Deshmukh profiles the struggle of a senior citizen whose fight has prompted a systemic change in how banks treat their customers.
Kindly read the full article here: https://moneylife.in/article/customer...oes/18421.html