Damodaran Committee (2011)

Damodaran Committee (2011)
For improvement of customer services in banks
• A guaranteed payment of up to Rs 5 lakh (raised from Rs 1 lakh) under deposit
insurance to an account holder if a bank fails.
• No liability on customer for losses in ATM and online transactions
• Instant blocking of ATM card through SMS for lost/misused cards
• Transition to chip-based card with a photograph
• Automatic update of senior citizen status in core banking solution branch
• Pensioners to be allowed to submit life certificate in any bank branch
• A common toll-free number for all banks, like 100 for police
• A third-party Know Your Customer data bank
• A detailed break-up of service charges for basic services
• Small remittances at reasonable price
• Compensation for delayed return or loss of title deeds in the custody of banks
• Plain vanilla savings account without a minimum balance requirement
• Prepaid instruments worth up to Rs 50,000 for frequent travelers.
• A chief customer service officer for grievance redressal in every bank