Banker’s Code of Commitment to Customers
It is a voluntary code signed by banks, which lays down standards of fair banking practices to be followed by banks while dealing with individual customers. It is a ready reckoner for customers to know what they can expect from banks in their dealings with them in the following areas---
Current, savings and all deposit accounts,
Pension, PPF accounts,
Collection and remittance facilities
Loans and overdrafts
Foreign exchange services
Currency exchange facilities
Card products
Third party products offered through bank’s networks
The signatory banks have pledged to act fairly and reasonably in all dealings with the customer; to help customers understand the nature of financial products and services being offered and to deal quickly and with care all cases of wrongdoing.
It is a significant tool empowering the customers to get the best possible services from banks in a transparent and satisfactory manner. The banks are committed to publicize this code by making available copies thereof to their customers. All areas of possible conflicts and doubts are covered by this code for the customer to make an informed and considered decision while dealing with banks.
The banks are committed to share with the customers the details of their fees and charges for the different services that are available, the normal time taken for cash receipts and payments, the cheque collection facility and the options available and the procedure to be followed in case of grievance redressal of the customer.
The customer additionally has the right to approach the Banking Codes and Standards Board of India, which is the monitoring agency approved by RBI and participating banks, in case they feel that the bank is falling short of the commitments enumerated in the subject code.
It is a voluntary code signed by banks, which lays down standards of fair banking practices to be followed by banks while dealing with individual customers. It is a ready reckoner for customers to know what they can expect from banks in their dealings with them in the following areas---
Current, savings and all deposit accounts,
Pension, PPF accounts,
Collection and remittance facilities
Loans and overdrafts
Foreign exchange services
Currency exchange facilities
Card products
Third party products offered through bank’s networks
The signatory banks have pledged to act fairly and reasonably in all dealings with the customer; to help customers understand the nature of financial products and services being offered and to deal quickly and with care all cases of wrongdoing.
It is a significant tool empowering the customers to get the best possible services from banks in a transparent and satisfactory manner. The banks are committed to publicize this code by making available copies thereof to their customers. All areas of possible conflicts and doubts are covered by this code for the customer to make an informed and considered decision while dealing with banks.
The banks are committed to share with the customers the details of their fees and charges for the different services that are available, the normal time taken for cash receipts and payments, the cheque collection facility and the options available and the procedure to be followed in case of grievance redressal of the customer.
The customer additionally has the right to approach the Banking Codes and Standards Board of India, which is the monitoring agency approved by RBI and participating banks, in case they feel that the bank is falling short of the commitments enumerated in the subject code.
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