the point about customer ’ s perception about how he / she is being treated by a bank. is the bank being fair to him / her in matters of interest rates, penalties, service charges and that he / she has not to fear any hidden costs and charges at a later date. further, the customer also draws comfort from the fact that he or she is not being discriminated against vis - a - vis a new customer. we only advocate that customers be treated fairly. everyone would like to have cheaper services. however, the minimum we can offer is fairness, speed and delivery. and this is entirely in banks interest. 9. appropriateness of the “ sell ” is an important aspect that cannot be lost sight of. customization, tailoring the products to suit individual needs and always ensuring that a customer ’ s individuality is respected are necessary ingredients of the bank marketing strategies. we have to give what the customer wants and not merely sell what we have! while doing this exercise, aspects such as pricing, product features, service quality standards, grievances redressal mechanism, etc need to be properly documented, disclosed and explained to the customer in simple understandable terms. the broad principles of fair treatment of customers would, therefore, have certain basic tenets like transparency, nondiscriminatory pricing, full and proper disclosure about product / service quality standards, risks to which a customer could be exposed, ability to exit if the product / service is not what the customer wanted and a host of such other issues. 10. now, let me revert to the role of technology in customer service. it is no one ’ s case that banks have not embraced technology. in fact, most public sector banks in india in the last decade have gone through a phase of technology up - gradation and have migrated to core banking solution ( cbs ) platform. adoption of technology has changed the face of the banking sector which is manifest in the various transformational developments of the recent past. the benefits of technology are, however, not commensurate with the developments. the speed, cost, convenience and efficiency of banking services have not improved by factors that technology enables one to achieve. a part of the problem is that banks are yet trying out fledgling delivery models rather than putting in place a cost - effective, decentralized and realistic delivery model. fixing a problem / glitch when it happens thus becomes the weakest link in providing efficient customer service. 11. a large

that, along with the board of governors in washington, d. c., make up the federal reserve system. our bank represents the ninth of the 12 federal reserve districts, and by area, we ’ re the second largest. our district includes montana, the dakotas, minnesota, northwestern wisconsin and the upper peninsula of michigan. eight times per year, the fomc meets to set the path of monetary policy over the next six to seven weeks. all 12 presidents of the various regional federal reserve banks – including me – and the seven governors of the federal reserve board, including chairman bernanke, contribute to these deliberations. ( currently, there are only five governors – two positions are unfilled. ) however, the committee itself consists only of the governors, the president of the federal reserve bank of new york and a group of four other presidents that rotates annually. right now, that last group consists of the presidents from the minneapolis, philadelphia, dallas and chicago federal reserve banks. i ’ ve said that the fomc meets ( at least ) eight times per year. but how do these meetings work? at a typical meeting, there are two so - called go - rounds, in which every president and every governor has the opportunity to speak without interruption. the first of these is referred bis central bankers ’ speeches to as the economics go - round. it is kicked off by a presentation on current economic conditions by federal reserve staff economists. then, the presidents and governors describe their individual views on current economic conditions and their respective outlooks for future economic conditions. the presidents typically start by providing information about their district ’ s local economic performance. we get that information from our research staffs, but also from our interactions with business and community leaders in industries and towns from across our districts. the chairman speaks at the end of the first go - round. he briefly but thoroughly summarizes the preceding 16 perspectives. i can assure you that this is no easy task – and the chairman ’ s balanced and thoughtful treatment of our remarks is one of the many reasons that he commands such respect among his colleagues. he then provides his own views on the economy. the committee next turns to the second go - round, which focuses on policy. again, the staff begins, with a presentation of policy options. after that, each of the 17 meeting participants has a chance to speak on what each views as the appropriate policy choice. this set of remarks is followed by a summary by the chairman