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…
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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…
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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…
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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