The objective of the Customer rights policies is to document/enshrine the basic rights of the customers of the Bank as per Reserve Bank of India regulations. Customer Rights Policy recognises the intrinsic rights; a customer gets during and after the termination of his/her banking relationship. This policy is based on the guiding principles enlisted in…
The obligations between Banks and their customers are reciprocal. Customer Obligations means all obligations of every nature of Customer from time to time under any Transaction Document, whether for the Aggregate Principal Outstanding, interest, fees, expenses, indemnification, or otherwise. By opening an account in the bank in the name of the customer, there will be…
Customer education is the preparation of an individual to be capable of making informed decisions when it comes to purchasing or using a product. It can help customers remain safe taking precautions while using electronic banking or other banking products with the knowledge and skills to use a product or service effectively. Here are some…
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…
As per RBI guidance, employees of the banks are expected to be at their seats at the commencement of business hours and attend to all the customers who are in the branch before the close of business hours. However, the Banking Regulator RBI noticed that in practice, in many branches of banks, employees take their…
Mobile technology has transformed the way financial services are accessed, delivered, and utilized, particularly in underserved and remote areas of India. The use of mobiles and tablets in financial inclusion drives has the potential to reach underserved populations, enhance financial access, promote economic empowerment, and improve overall financial well-being. Banks use mobile phones/ tablets to…
According to various surveys including OECD Surveys, only 27 per cent of India’s population is financially literate. Additionally, only 16.7 per cent of Indian students have a basic understanding of finance and money management. The level of financial literacy varies by state, with Arunachal Pradesh having the highest rate at 57.1% and Puducherry having the…
RSETIs stand for Rural Self Employment Training Institutes. RSETIs are promoted and managed by banks with active cooperation from state governments. RSETI concept is based on RUDSETI (Rural Development and Self Employment Training Institute), a society established in the year 1982 jointly by three agencies i.e. Syndicate Bank (now merged with Canara Bank), Canara Bank…