Bankers’ Rights in India
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…
Read article Bankers’ Duty of Reasonable Care
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…
Read article Bankers Duty of Secrecy and Confidentiality
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…
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Customer Service in Bank Counters: Information to the customers and special arrangements
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…
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Use of Mobiles/Tablets in Financial Inclusion Drive
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…
Why Financial Literacy is important?
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…
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