Standard Chartered, IDBI Bank, Yes Bank top compliance rankings in survey
Overall, private sector banks performed better than public sector banks in survey by Banking Codes and Standards Board of India
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Mumbai: Twelve out of 51 banks were rated “high” in a compliance survey for 2016-17 conducted by the Banking Codes and Standards Board of India (BCSBI).
Twenty-nine banks were rated “above average” and 10 “average”. No bank figured in the “below average” category. The ratings were based on five parameters: Information dissemination, transparency, grievance redressal, customer centricity and customer feedback.
Among private banks, Yes Bank Ltd received the highest rating of 94 out of 100, while RBL Bank led foreign banks with a score of 95. IDBI Bank Ltd led public sector banks with a score of 88.
Weighted average is given to the five parameters and the score is determined out of 100. Customer centricity has the highest weightage of 30%.
BCSBI surveyed 26 public sector banks (including State Bank of India and its associates), 17 private sector banks, three foreign banks and five urban cooperative banks.
Overall, private sector banks performed better than public sector banks. Among public sector banks, only IDBI Bank scored a “high” rating, against eight private sector banks. All foreign banks—Citibank, Standard Charted Bank and HSBC—scored “high”.
The survey was conducted across 2,733 branches of these banks and 8,485 customers.
Under information dissemination and transparency, 15 and 8 banks, respectively, got below average rating. However, in case of customer feedback, no bank got below average rating which points to the fact that customers gave biased view when asked about their respective banks, the Board said.
According to A.C. Mahajan, chairman of BCSBI, public sector banks were asked to upgrade their information technology (IT) systems after the survey results came out. Information is not disseminated quickly across branches in case of public sector banks, BCSBI said.