SERVICE STANDARD 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, thereby enhancing customer satisfaction and trust in the bank.
What is the standard time prescribed for credit of NEFT transactions to beneficiary accounts?
Credit must happen within two hours of settlement.
Which RBI initiative mandates banks to display service standards prominently at branches?
The RBI's Customer Service Guidelines require banks to display the 'Citizen's Charter' or 'Service Charter' at all branch premises, outlining the services offered and the standards committed.
What is the prescribed TAT for banks to resolve a failed ATM transaction complaint?
Banks must resolve within five working days of complaint.
What is a Service Level Agreement (SLA) in the context of retail banking?
An SLA is a formal commitment between the bank and its customers specifying the minimum quality, timeliness, and scope of services to be delivered, forming a benchmark for performance evaluation.
What is the mandatory time limit for banks to disburse a sanctioned personal loan?
Disbursement must occur within the agreed TAT post sanction.
Within what time frame must a bank acknowledge a customer complaint as per RBI guidelines?
Banks are required to acknowledge customer complaints within 3 working days of receipt, and must resolve grievances within 30 days as per RBI's Banking Ombudsman framework.
What standard does RBI mandate for banks regarding grievance redressal officer appointment?
Every bank must designate a Nodal Grievance Redressal Officer.
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