New Delhi: In what could be good tidings for the bank customers who generally happen to be at the receiving end of the bungling of bank staffers, the Reserve Bank of India (RBI) and the Indian Banks Association (IBA) have jointly decided to float a policy under which people will be given recompense for facing sufferings owing to the faulty operations.

RBI and IBA are jointly working on formulating guidelines in this regard. The relief policy for the customers is expected to be introduced within two months.

According to a senior IBA official, due to lack of rules and regulations in this area, banks and customers suffer from monetary loss.

Recently, a bank customer demanded Rs 2 crore from Punjab National Bank, Delhi branch for the loss of Rs 5000 cheque.

In a bid to avoid monetary loss and regulate the working of banks, the RBI has decided to frame rules that will explain them in what condition a customer can make claim in the face of any financial loss.

Presently, few developed countries like America and Britain have the policy of providing financial compensation if bank customers incur any loss owing to faulty bank operation.