financial market stabilisation fund is designed to do just that. finally, monetary policy has to keep the balance between price stability and financial stability. central banks have responded to the intensification and broadening of the financial turmoil due to its impact on the real economy with considerable monetary easing in order to support the real economy in view of an increasing room to manoeuvre due to the decline of inflation rates and inflation expectations. owing to a remarkable decline in inflationary pressure in the medium term and rapidly deteriorating economic prospects, euro - area monetary policy in my view has enough leeway for further easing if necessary. but let me voice a concern. substantially easing monetary policy in the short term to deal with the effects of a bursting financial bubble on the real economy entails the obligation to normalise monetary policy again more swiftly than in the past in order to prevent new imbalances from emerging.

k c chakrabarty : developing the humanware to improve customer service address by dr k c chakrabarty, deputy governor of the reserve bank of india, at the launch of the course “ customer service & banking codes and standards ”, at the indian institute of banking & finance ( iibf ), mumbai, 12 november 2010. * * * assistance provided by shri d g kale in preparation of this address is gratefully acknowledged. 1. mrs udeshi, chairperson, banking codes and standards board of india ( bcsbi ), shri o. p. bhatt, president, indian institute of banking and finance ( iibf ) and chairman, iba, shri b. m. mittal, ceo, bcsbi, shri bhaskaran, ceo, iibf, distinguished guests, ladies and gentlemen. it gives me great pleasure to be here to launch the certificate course on “ customer service and banking codes and standards ” that has been designed by iibf in association with bcsbi. iibf has played a pivotal role in developing the professional skills of bankers, and in tune with times, it is also a leading organization in providing training, consultancy and counselling to the business correspondents, recovery and marketing agents of banks. 2. the iibf was set up in 1928 as indian institute of bankers ( iib ) with a mission to “ develop professionally qualified and competent bankers and finance professionals primarily through a process of education, training, examination, consultancy / counselling and continuing professional development programmes ”. the mission statement of the iibf and the timing of the launch of the new certificate course in customer service go hand in hand. i must compliment and congratulate shri bhatt and shri bhaskaran and his team for conceptualising, designing and developing this particular course. i am also happy to note that bcsbi was closely involved in designing this course. as you are aware, the banking ombudsman scheme, which has been in existence for some time now, does not look into systemic issues with a view to enforcing a prescribed quality of service. it was in this context that the bcsbi was set up as an autonomous body to monitor and ensure that the banking codes and standards voluntarily adopted by the banks are adhered to in their true spirit. the codes represent the minimum standards of service which a customer can expect from a bank including transparency in services, prohibition of unsolicited marketing and compensation for delays or