After the Reserve Bank of India announced a month-long moratorium on Yes Bank, the customers were left stranded. A lot of them shifted to different banks offering higher interest rates on their deposits. RBL Bank was no exception, said Surinder Chawla, Head Branch Banking, RBL Bank. He mentioned that the bank witnessed a high withdrawal in deposits and savings. The customers wanted the safety of their money and higher interest rates. The bank could however cover the loss within a month. They increased their capital and simultaneously announced the results of their two quarters that gave some amount of confidence to the customers and the investors of the bank. Now, the bank is stable and doing well. The bank also mentioned that their deposits have risen 11% from July to September Quarter as compared to the last quarter.
He also talked about the customers’ need to be careful in choosing the next branch. He said that the bank they choose should be able to cater to all their financial needs. They shouldn’t run behind high-interest rates but also keep a check on whether the bank is capable of helping them in the long run. It is important to note the bank’s brand name, its customer service, its bouquet of products, its stability, and the reputation of the management. While high-interest rates might attract you, it is also the responsibility of the customer to see if the bank can fulfill all the other promises.
RBL Bank has also talked about the digital presence of the bank, They have asked their customers to go digital with all their banking needs so that the pandemic can be battled. Mobile net banking increased by 70-80% in the current year. The bank has also launched a chatbox on their website along with Mobile Whatsapp Banking to facilitate its customers. The bank’s new customer acquisition has also shown impressive growth.