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…
Read article
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 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…
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