In our previous article, we understood CUSTOMER RIGHTS POLICIES FOR BETTER BANKING. At the same time, the obligations between Banks and their customers are reciprocal. Commercial Banks in India also enjoy the following six rights; The banks in India have the right to charge interest on the loans and advances sanctioned to customers. Interest is…
A bank’s duty of reasonable care is a legal requirement and banks must exercise reasonable care and skill when transacting and providing other services to customers. The bank has to carry out the instructions of the customer while dealing with the customer’s account. The clear order of the customer for payments should be promptly executed…
A bank must protect the confidentiality of its customers’ personal and banking-related information. This duty of secrecy, or confidentiality, extends to any information obtained from a customer’s account or banking relations. It is the most important duty of a bank that it must ensure all banking records of the customers are protected and are not…