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The Goiporia Committee RBI was a committee that was set up by the RBI or Reserve Bank of India. The Goiporia Committee was established in 1990. It was during the last decades of the twentieth century that a need was felt to improve the current situation of the banks in the banking sector. The banking sector was struggling due to the debts that the country had incurred over the years. The economic well-being of the country was also at risk. To uplift the economic condition of the country, the RBI decided to set up a committee that would help enhance the customer experience.
Goiporia Committee RBI
The Goiporia Committee RBI was established to investigate ways in which customer service in the banking sector could improve. Improving these services was thought would bring in more customers to the bank and thereby facilitate the entire banking system. The Goiporia Committee established certain provisions for the Indian Banks that would have to follow these regulations. Implementing these provisions was thought to benefit customer service greatly. The Goiporia Committee RBI emphasised that meeting the expectations and requirements of the customers would help the banks all over the country to maintain their respectability, and image and attract more opportunities in the increasingly competitive market of baking.
Recommendations
The Goiporia Committee RBI made the following recommendations:
- Improving services provided at the counters
- Managing business hours
- Extending business hours for transactions (non-cash)
- Guidance to customers
- Deposit facilities and facilities related to other accounts
- Advisory functions for certain schemes
- Pamphlets for the understanding of the customers
The list of recommendations is not certainly limited to those just mentioned here but is way more comprehensive. It was also recommended that banks should make the process of opening up savings accounts easier, secure the facility of lockers system, and introduce identity badges to the employees. Job enrichment efforts were also undertaken, along with improving existing banking facilities and making them more customer-friendly.
Concurrent Audit
The introduction of concurrent audit at large and exceptionally large branches of banks was a feature of the Goiporia Committee RBI. In the list of recommendations made by the Goiporia Committee, it was made essential that parallel review of financial transactions have to take place in large branches to maintain a clean record and avoid irregularities or lapses. It is for that reason that the introduction of concurrent audit at large and exceptionally large branches of banks was important.
RBI
M.N. Goiporia was the 14th Chairman of SBI. One of the chief results of the Committee was that banks nowadays maintain a complaint book where customers can maintain their complaints against the banks. RBI is the central bank of our country and is the chief financial regulatory body that lays down the regulation of the operations of other banks in the sector. As the RBI is responsible for promoting the country’s economic development, any policies for improving the banking system come from it. It was for that reason that the RBI appointed the Goiporia Committee in 1990.
Conclusion
The Reserve Bank of India appointed M.N. Goiporia was the head of the Goiporia Committee in 1990 to make recommendations for improving the banking experiences for customers. The quality of the services given by cooperative and primary banks needed to be good in semi-urban areas. These cooperative urban banks were established in these developing regions to bridge the gaps between credit and banking needs of a wider clientele that had been previously excluded from the scope of services.
