Central Consumer Protection Authority: The Regulator
The Central Consumer Protection Authority (CCPA) has been established under the Consumer Protection Act, 2019 and has come into force with effect from 24th July 2020. The Central Consumer Protection Authority (CCPA) as a regulator deals with the following; The Central Consumer Protection Authority (CCPA) has many powers, including: Enforcing consumer rights: The CCPA can…
Read article
Internal Machinery to handle Customer complaints/ grievances in Banks
Customer complaints or any expression of dissatisfaction about a product or service or non-compliance to the Code of Bank’s Commitment to Customers will be dealt with courteously and within a defined time frame. The very foundation of an internal dispute resolution system relies on its capacity to provide fair, impartial, and judicious adjudication’ The Reserve…
Read article
Model Policy on Grievance Redressal in Banks and financial institutions
In a speech in South Africa in 1890 Mahatma Gandhi said this: “A customer is the most important visitor on our premises. He is not dependent on us. We are dependent on him. He is not an interruption of our work. He is the purpose of it. He is not an outsider to our business.…
Read article
Customer rights policies for better banking
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…
Read article
Obligations on Bank customers
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…
Explained: Customer education/awareness saftey Check and precautions in banks
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…
Read article