After SVB collapse, India's MoS Finance wants banks to treat customers as gods

After SVB collapse, India's MoS Finance wants banks to treat customers as gods

Banks should focus on improving their customer service and work towards reducing pain points.

FPJ Web DeskUpdated: Saturday, March 18, 2023, 08:26 PM IST
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Calling for further improvement in banking services, Minister of State for Finance Bhagwat K Karad urged banks to treat their customers as God.

Banks should focus on improving their customer service and work towards reducing pain points, Karad said while addressing a Customer Meet programme organised by Bank of Maharashtra (BoM) earlier this week.

A two way street

At the same time, he asked customers to be responsive and prompt in repayment of loans so that banks are financially healthy.

With regard to Kisan Credit Card (KCC), he urged banks, including BoM for expanding the reach of KCC scheme to more farmers and ensure time-bound saturation.

The banking industry needs to serve small and marginal farmers, youth and women agripreneurs and act as catalyst for growth, he said.

India has now become the fifth largest economy in the world and is aiming to be a USD 5 trillion economy under the guidance of Prime Minister Narendra Modi, he said.

Digitization remains the key word

Addressing the gathering, BoM Managing Director A S Rajeev said, "The bank in its constant endeavour is focussed on creating an ecosystem with thrust on digitization, ready to bring in desirable changes in line with the evolving technology, economy and needs of customers."

"So far we have brought in a voyage of transformation with notable digitization measures. We are taking sensible measures to create a highly customer-centric ecosystem with an array of most competitive products and services. Our expanding branch network across the country, with bouquets of services is sharpening our business pitch," he said.

Besides customers, the event was graced by members of BoM board, Zonal Manager Chitra Datar, Deputy General Manager, Govt. Business Cell Nayana Sahasrabuddhe and other senior officials.

Karad praised BoM for being number one on various key financial parameters and the way it has transformed itself from a bank under Prompt Corrective Action (PCA) framework to one of the best performing lenders.

Out of 25 key parameters, he said, BoM has been top ranker in 20-22 indicators.

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