BANKING OPERATION

THE RIGHTS AND DUSTIES OF CUSTOMERS TO THE BANKS

PRESENTED BYAnisha Reddy

Sushmit Tripathi

Nishant Bangar

Romeet Sawant

Akarshita Nagaraj

Meghna Lahoria

Banking customer is defined as:

A person or entity that maintains account and/or has business

relation with the bank

One on whose behalf account is maintained

Beneficiary of transaction carried professional intermediaries

Person or entity connected with financial transaction, which can

pose significant reputational or other risks to the bank

Who is Banking Customer

A customer who has deposited money can draw cheques on

his/her account up to extent of his/her credit balance or

according to overdrawing limit sanctioned by bank

Cross, endorse or cancel cheque and other instruments

Customer can sue his bank for compensation of wrongful

dishonor of his/her cheque

Customer has the right to close his account

Rights of a Customers

Rights of a Customers (cont.)

Right to privacy

Sue bank for wrongful disclocure of his/her account/balance

Customer has the right to ask for periodic statement of

account from his bank.

Be informed about any direct operations in his/her account

Receive interest on his/her deposits (Except for current

account)

A Non-Discrimination Policy – age, sex, caste, & disability

Have the money or items kept safe and returned to customer

Issue of new cheque book

Ask for his/her balance within business hours

Approach customer complaint forums or redressal

mechanisms

To Understand How Our Financial Products And Services

Work

Rights of a Customers (cont.)

Be able to conduct banking in a safe banking environment

Know about the concession charges

To receive a complete set of loan agreements and enclosures

at the time of disbursement

To ask for the securities as soon as the loan is repaid

Rights of a Customers (cont.)

The Right to Information under this Act is meant to give to the citizens of India access to information under control of public authorities to promote transparency and accountability in these organisations.

RBI’s Obligation under the Act

The Reserve Bank of India is obliged to provide information of members to public.

Right to Information Act, 2005

Reserve bank of India along with BCSBI serves as a watchdog for rights of a customer regulations

In February 2006, Reserve Bank of India set up the Banking Codes and Standards Board of India (BCSBI)

The BCSBI has publishes the “Code of Banks’ Commitments to Customers

The current revision has taken into account the suggestions and views from various stake holders, such as banks, Indian Banks Association, Reserve Bank of India

Banking Codes and Standards Board of India (BCSBI)

Promote good and fair banking practices

To ensure proper implementation of customers rights

Increase transparency in banking system

Promote a fair and cordial relationship between customer

and bank

Foster confidence in the banking system

Objectives of the Code

Present the cheque and other negotiable instruments during the business hours of the bank.

Notify bank incase of any disagreement in the bank statement

Submit photographs to bank when ever needed

The instrument of credit should be presented by the customer within due time from the date of issue

A customer should fill the cheque with utmost care

Duties of a Customer

In case of theft or loss of cheque book it is the duty of the customer to inform his/her bank

If a customer finds any forgery in the amount of the chequehe/she must immediately inform his/her bank

To provide proper information in KYC Forms

Repayments of dues on time

Read the MITC- Most Important Terms and Conditions

Duties of a Customer

THANK YOU