Calendar year 2020 will be remembered for the major shifts caused by the pandemic that led to the Reserve Bank of India’s urgent steps to ensure financial stability. The year also saw the failure of large financial institutions.
The central bank allowed a moratorium (payment holiday) on dues for six months, while raising the insurance cover for bank deposits by 5x. Besides, the use of digital channels for banking saw a sharp rise.
While lenders create a hype around the services offered on digital platforms, customers think otherwise, given that frustration due to the quality of service has only increased, over the years.
Complaints on ATM/debit card usage, as well as mobile and e-banking, top the chart.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.