SERVICE STANDARDS FOR RETAIL BANKING
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Retail Banking and Wealth Management — JAIIB.
One-liners from this chapter
Free sample — 8 of 66 rapid-fire Q&A cards.
What is the primary objective of service standards in retail banking?
Service standards aim to ensure consistent, timely, and quality delivery of banking services to customers, enhancing satisfaction and building long-term relationships.
What is the prescribed TAT for collection of local cheques and credit of proceeds to the customer's account?
Local cheques must be credited within one working day.
Which RBI document lays down the framework for customer service standards in Indian banks?
The RBI's 'Charter of Customer Rights' and the Banking Ombudsman Scheme together form the regulatory framework for customer service standards in Indian banks.
What is the timeline prescribed by RBI for banks to return rejected loan applications to customers?
Banks must return rejected loan applications within a reasonable timeframe with reasons.
What is the maximum time a bank should take to open a basic savings account as per service standards?
Banks are expected to open a basic savings bank deposit account within the same day or at most within 24 hours of receiving a complete application with all KYC documents.
What is meant by 'Know Your Customer' (KYC) compliance in the context of retail banking service standards?
KYC requires verifying customer identity using approved documents before account opening.
What does the term 'Turnaround Time' (TAT) mean in the context of retail banking services?
Turnaround Time refers to the time taken by a bank to process and complete a customer request or transaction from initiation to final delivery of the service.
What is the standard TAT for activation of internet banking services after request by a customer?
Internet banking activation should typically be done within two to three working days.
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