scheme to include customer complaints on certain new areas, such as, credit card complaints, deficiencies in providing the promised services even by banks'sales agents, levying service charges without prior notice to the customer and nonadherence to the fair practices code as adopted by individual banks. the scheme therefore provides a forum to bank customers to seek redressal of their most common complaints against banks, including those relating to credit cards, service charges, promises given by the sales agents of banks, but not kept by banks, as also, delays in delivery of bank services. the bank customers would be able to complain about non - payment or any inordinate delay in payments or collection of cheques towards bills or remittances by banks, as also non - acceptance of small denomination notes and coins or charging of commission for acceptance of small denomination notes and coins by banks. the present scheme also allows appeals from both banks and complainants against the decisions of banking ombudsmen. • recognising an institutional gap in measuring the performance of the banks against codes and standards based on established best practices, reserve bank of india has taken the initiative in setting up the banking codes and standards board of india ( bcsbi ). it is an autonomous and independent body, adopting the stance of a self - regulatory organisation in the larger interest of improving the quality of customer services by the indian banking system. banks register themselves with the board as its members and provide services as per the agreed standards and codes. the board in turn, monitors and assesses the compliance with codes and standards which the banks have agreed to. the registration of banks with the bcsbi, as members, enables the reserve bank of india to derive greater supervisory comfort, so also the customers of the member banks. this would also enable the bcsbi to accommodate the bank - specific differences in the customer service related benchmarks set by the banks for themselves. as on date, around 71 banks have joined the bcsbi as members. i. deposit accounts with regard to account holders, it would be useful, to recollect some of the important incremental measures taken by rbi, which over a period have made significant impact : • banks are required to inform customers upfront about the requirement of minimum balances and the charges if such balances are not maintained. they are also required to inform customers one month in advance any changes in such minimum balances and charges. • it has been clarified to banks that nro

in 13 indian languages on all matters concerning banking and the common person has been launched by the reserve bank on 18 june 2007. the key driver in the success of these initiatives would undoubtedly be technology. technology today provides a lever which can enable multilevel leapfrogging in pursuit of financial inclusion. andhra pradesh has started a project that aims to improve the mechanism for paying pensions and unemployment benefits to around half a million people in villages in the karimnagar and warangal regions of the state. it is a tiny start – so far some 40, 000 cards have been issued – but the potential is clear. the initiative is to have a bank tie up and extend this model to other places and states. the role of financial literacy in this regard can't be over - emphasised. as noted by the economist in a recent issue, a global crusade is under way to teach personal finance to the masses. governments from usa to britain to russia are declaring their commitment to financial education. this month the world savings banks institute, which represents retail and savings banks from 92 countries, will hold a summit in brussels about financial education in the light of the sub - prime crisis. there is also an exhortation to the policy makers to simplify the choices available to people in financial matters, quoting the swedish savings plan for old age, which offers a choice of funds to invest in but also includes a lowcost default option, chosen by 90 % of the people. financial education has an ever more critical role to play in the changed financial landscape of india which, while on one hand has presented with newer opportunities for future collective growth, on the other, it has also heightened fears of uncertainty in certain quarters mainly because of increasing multi - faceted choices and options in the management of personal finances and exposure to a gamut of risks. financial education could ideally supplement the financial inclusion initiatives for long term efficacy. rbi has recently put out a concept paper on setting up financial literacy and counseling centres with the objective of providing free financial literacy / education and credit counselling. the specific objectives of the proposed flccs would be : • to educate the people in rural and urban areas with regard to various financial products and services available from the formal financial sector ; • to make the people aware of the advantages of being connected with the formal financial sector ; • to provide face - to - face financial counselling services, including education on responsible borrowing and offering debt counselling to individuals who are indebted to formal and /