PSU banks fare poorly on service levels

MUMBAI: Public sector banks have scored poorly when it comes to adherence to service standards in a survey by the Banking Codes and Standards Board of India (BCSBI). No public sector bank, barring IDBI, features among the top 10 in any of the five aspects of customer service surveyed.

RBL Bank, Standard Chartered Bank, Yes Bank, Citibank and HSBC have emerged as the top five in terms of overall score. At the bottom of the list are Punjab National Bank, State Bank of Bikaner and Jaipur, Andhra Bank, Punjab and Sind Bank and State Bank of Patiala.The BCSBI — a body set up by the Reserve Bank of India (RBI) — is a society of banks that prescribes minimum service standards for lenders. By promising adherence to the codes, banks spell out the minimum service standards customers can expect.

The survey was conducted using five parameters — information dissemination, transparency, grievance redressal, customer centricity and customer feedback. Banks have been ranked in each of the parameters and an overall rank has been provided. When compared to the last such survey in 2015, both public sector and private sector banks have seen their score drop across all parameters, except grievance redressal. Foreign banks have improved their performance on transparency, customer feedback and customer centricity.

RBL has topped the survey on information dissemination, transparency and customer feedback. Standard Chartered has scored the highest on customer centricity and customer feedback.

IDBI is the only public sector bank among the 10 best in transparency, grievance redressal and customer feedback.

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While BCSBI has sought to increase awareness of service standards in banks through this survey, it has warned that it may not strictly reflect the overall quality of customer service in a lender as factors such as quality, knowledge and attitude of staff, cost of services, response time and efficient delivery of service, along with personalised handling of account, were not captured in the exercise.