Index To RBI Circulars

Please refer to Paragraph 4 of our circular DBOD.No.Leg.BC.60/09.07.005/2003-04dated December 27, 2003 wherein it was indicated that the Ad hoc Committees constituted by banks would be expected to complete the work within six months and submit reports to the Reserve Bank of India.

2. In terms of paragraph 159 of the annual policy statement for the year 2004-05 dated May 18, 2004 (copy of the paragraph enclosed), it has been decided to extend the currency of the Ad hoc Committees by six months. Hence the Ad hoc Committees would be expected to complete the work within one year from the date of their constitution. Banks are also advised to associate non-officials in the Ad hoc Committees constituted by them.

3. Please acknowledge receipt.

Yours faithfully

(C.R.Muralidharan)
Chief General Manager-in-Charge

Extract of Annual Policy Statement for the year 2004- 05

159. In order to make the process meaningful, banks are advised to associate non-officials in the Ad hoc Committees. Considering the progress made by the Ad hoc Committees constituted by banks and the need for taking appropriate action in redesigning procedures and practices, the currency of these Ad hoc Committees has been extended for a further period of six months. The Reserve Bank accords highest priority to the service of common persons. It expects that the bank Boards would take this opportunity to streamline their procedures and processes towards fulfilling customers’ expectations in terms of transparent and efficient service. '