cross - thinking spanning regulatory domains and national boundaries. with its own independent board comprising eminent members from industry and academia, i am sure rbih is perfectly positioned to facilitate convergence of ideas among various stakeholders. while fostering innovation, however, the underlying focus of rbih should always be to promote access to financial services and products for the low - income population in the country. it should be our duty to promote such innovation that not only improves process efficiencies but also transforms the society. the overall focus, i feel, should be on innovation with a purpose. 6. i am happy to hear that to begin with, the hub has plans of identifying and mentoring start - ups having maximum potential. i wish and hope that the hub strives to nurture multiple indigenous ideas in the short to medium term, each of which can positively impact one or more segments of our financial ecosystem. the hub is also expected to collaborate with various government ministries / departments / academia to identify problem statements in different domains and explore potential solutions. to become a hub in true sense, rbih should serve as a focal point for interaction among various stakeholders. it should become the epicentre for promotion and exchange of views and knowledge - sharing, while also remaining focused on delivering clear cut 1 / 2 bis central bankers'speeches objectives within reasonable timelines. 7. rbih should aim to establish itself as a respected innovation and incubation centre, and showcase india ’ s commitment to openness of ideas, resolve to innovate, with underlying concern for inclusive growth. i am confident that rbih shall facilitate making our financial sector more agile, participative and robust. 8. with these words, i am delighted to inaugurate the rbih and wish it all success. the expectations are high and the hub will be guided by public interest. it has the potential to touch the lives of every citizen by facilitating innovations with high social impact. the hub, i am sure, will emerge as a significant player in india ’ s journey of inclusive growth. 1 national bank for agriculture and rural development ( nabard ) ; the clearing corporation of india limited ( ccil ) ; national payments corporation of india ( npci ) ; institute for development and research in banking technology ( idrbt ) ; indira gandhi institute of development research ( igidr ) ; reserve bank information technology pvt. ltd ( rebit ) 2 / 2 bis central bankers'speeches

recall the experience with services of direct sales agents, employed by banks, which in some cases, generated resentment among the customers. an element of sensitivity and sensibility has to underscore the behavior of such agents when banks outsource credit card operations etc. with emphasis on ensuring appropriate behavior by personnel involved in debt collection and ensuring employment of fair and prudent processes. coercive actions, in the wake of increasing customer awareness can throw open gates of litigation on such grounds as negligence, mental agony or hurt, defamation, invasion of privacy and trespassing, with all their obvious and extended legal connotations. when one talks of redressing customer grievances and complaints, an obvious reference to the banking ombudsman scheme is but inevitable. the scheme operates on the principles of mediation and arbitration resulting in awards. in order that such schemes function unhindered and for the common cause of scores of aggrieved customers, it is imperative that banks implement awards passed by ombudsmen in right earnest. rbi attaches a lot of importance to this function and compliance by banks in this area is monitored through rbi ’ s supervisory processes and appropriate regulatory disclosures diligently. thus, serving the bis central bankers ’ speeches customer satisfactorily is at once, an art, an inexact science as also a mandatory obligation governed by regulatory dictate and institutional arrangements to ensure compliance. to conclude, customer service deserves an outlook that puts a check on targets sought to be achieved by customer service executives by way of a rigor of compliance with extant rules and regulations. profit seeking is the basic ethos that governs any business entity but the same cannot and must not override the genuine demands and requirements of customers. i am sure, the employees being honored today have set an example in not just customer service alone but also for adhering to the compliance diktat. i wish them all success in their career and also congratulate axis bank on their endeavour to enhance the awareness on customer service. thank you. bis central bankers ’ speeches