, structure and efficacy of the existing grievance redress mechanism, the functioning of banking ombudsman scheme, possibility of leveraging technology for better customer service in the light of increasing use of internet and it for bank products and services, etc. and to recommend steps for improvements. conclusion the lessons that the global financial crisis had to teach us have been expensive and painful. let us not blindly believe in the ability of the markets and competition to take care of all segments of the population. there are sections of financial consumers who always have the highest sense of protection and there are the vulnerable sections of the society who feel left out. we, therefore, have to move to an order where the market forces, competition, effective regulation and a vibrant ombudsman scheme all co - exist and handle matters concerning financial consumers ’ protection in a harmonized way. as i conclude, i would like to thank the organizers of info 2011 and in particular, the host country canada. it is a matter of pride that canada has decided to host this event a second time around in the last five years. it speaks volumes for their concern for the cause of the financial sector consumer. thank you, ladies and gentlemen. annex the major highlights of the recommendations made by the committee on customer service in banks constituted by the reserve bank of india are as follows : creation of a toll free common bank call number providing plain vanilla savings account without prescription of minimum balance bis central bankers ’ speeches prescription of service charges for basic services providing small remittances at reasonable price providing floating rate housing loans on non - discriminatory basis compensation for delayed return / loss of title deeds in the custody of banks zero liability against loss in atm and online transactions enhancement of dicgc cover up to rs 5, 00, 000 / - transition to chip based card ( emv ) with photograph every bank to have a chief customer service officer ( ccso ) for grievance redress bis central bankers ’ speeches

borrower education is an innovative form of ensuring that the borrowing clientele is trained to meet the larger needs of the bank. who can deny the fact that banks would stand to benefit if the borrower is equipped with knowledge on adopting prudent borrowing practices, ensuring adequate collaterals and securities and is sufficiently coached on legal issues that may erupt when repayment obligations are not met. in fact, a case in point is the financial inclusion initiative taken by rbi and banks. financial literacy campaigns involve “ training of minds ” of people ( mostly the financially excluded ) to the encouraging possibilities in maintaining and operating bank accounts, adoption of saving habits, awareness regarding direct benefit transfers, etc. such endeavours, however, can be successful only if the persons who impart such education are also adequately trained. training of trainers is an avowed target under the national training policy of the government of india and has found an echo in various institutions including banks. in rbi, we have had dedicated programmes aimed at faculty development for equipping trainers with conventional and contemporary training techniques, enhancing communication skills, usage of appropriate training tools and devices befitting the target group. the form and technique of training required for a particular purpose is heavily dependent on the sophistication of clientele targeted. surely, a technique that may appeal to a highly enlightened class of employees may not find favour with relatively lesser educated section of employees or the common man who is being targeted under various financial inclusion projects. therein lays the essence of “ training needs analysis ” which can be best articulated by the trainer himself. an effective trainer who understands the job and its ambit is the one who can drive and derive results. if the teacher himself is under - taught, there can possibly be no transfer of knowledge and skills further. institutions like nitte have a greater responsibility in training the trainers in banks, which can be a significant source of mutual learning as well. change management and training initiatives – the process of impact evaluation : change management is perhaps the biggest challenge that institutions face. while skill bis central bankers ’ speeches upgradation can be met with appropriate coaching, one to one and one - to - many training initiatives, the management of change is fraught with attitudinal risks that are difficult to measure at once. it would be futile to assume that dedicated training programmes alone will help in changing attitudes for the better. there are several demands that banks recognize on their own for embellishing their own systems and skills,