The banking regulator has repeatedly instructed banks not to force periodic ‘statement of accounts’ on savings bank customers who prefer the passbook facility. Yet, some banks are neither listening to their customers nor the regulator. If you see the latest Master Circular on Customer Service, issued by the Reserve Bank of India (RBI) last week, there is a clear instruction to banks to offer pass book facility to all its savings bank account holders (individuals). “A passbook is a ready reckoner of transactions and is handy and compact and as such, is far more convenient to the small customer than a statement of account,” the RBI says........
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