M. R. Pai Memorial Award 2009

Prof. Ashish Das has been conferred the "5th M. R. Pai Memorial Award". The award was given by Mr. M. D. Mallya, Chairman & Managing Director of Bank of Baroda on 30th June 2009, at the Indian Merchants' Chamber, Churchgate, Mumbai.

About the Award:

In 2003 the Punjab and Maharashtra Cooperative Bank Ltd, a Multi State Cooperative Bank, instituted an award in memory of Mr. M. R. Pai and in recognition of consumer activism leading to development and improvement of consumers in their day to day lives. The award winner is chosen by the All-India Bank Depositors' Association. The award aims to recognize proactive research, which displays originality impacting consumer welfare in the society. The award carries a citation and a cheque for Rs. 51,000. The award is given annually to any consumer activist or consumer organisation or consumer researcher, based on the contributions leading to enhancement in customer rights/services.

Contributions which brought in improvement in customer rights/services:

M. R. Pai Memorial Award is being conferred on to Prof. Das for his successful efforts leading to regulatory changes brought into the Indian Banking to the benefit of bank customers. Reserve Bank of India (RBI) recently decided to go ahead with interest computation on daily balances in savings bank accounts following the works on savings account interest rate and interest computation methodology for term deposits. Furthermore, consequent to the work "On Benchmarking Cheque Collections in India", RBI and the National Consumer Disputes Redressal Commission have now set mandatory standards for cheque collections. When someone takes up an issue that requires a change of mind set, a long winding road of uncertainties lies ahead. Similar was the case for these issues. However with perseverance and endurance, changes could be brought about for the benefit of millions of bank customers. This is an ideal example of how application of statistics and statistical arguments can highlight certain issues that touch our day-to-day lives. The All-India Bank Depositors' Association appreciated the efforts, that went into the process to bring about the change, through this award.