In accordance with guidelines of the Banking Codes and Standards Board of India,(BCSBI), the Bank has set minimum standards of Banking practices which have to be followed while dealing with individual customers. The Code of Right Selling flows from the Code of Commitment (COC) to customers and seeks to incorporate its ethos and inculcate best and fair practices in the sales process of the bank.
This Code does not replace or supersede regulatory or supervisory instructions of Reserve Bank of India (RBI) and bank will comply with such instructions/directionsissued by RBI from time to time. “Shivalik SmallFinance Bank” aims to set higher standards than what is indicated in the regulatory guidelines and such higher standards will prevail as the Code represents best practices voluntarily agreed to by us as our commitment to our customers.
Objective of the code
Applicability of the code
This Code applies to all the products and services offered by the Shivalik Small Finance Bank, whether they are provided by branches or subsidiaries, agents acting on our behalf, across the counter, over the phone, by post, on the internet or by any other channel.
Shivalik Small Finance Bank primarily deals across deposit accounts, Loans, and advances, third party insurances products and forex services that adds to the bank’s profitability.
The Code of Right Sell will hence comply with the Bank’s Code of Commitment to all customers who enter into a relationship with it.
Definition of Right Sell
A Banker shares a fiduciary relationship with its clients, where the client’s best interests are safeguarded. Despite technological advances, customers still prefer to do most of their banking transactions at branches or with channels. This is due to a Trust factor involved when the customer enters in any banking relationship. Customers look at the Bank staff for giving them the right set of advice and help them with their investment decisions.
Right Sell is thus defined as selling of a Customized Financial Product to a client based on his profile and need, as per the Banks product suitability matrix.
Preamble for Code of Right Sell
Products and Services
This policy covers the below products:
These products are offered to clients through the point of sale, either by the Branch Staff or by Business correspondents/ business facilitators as per the financial and investment needs of the customer / prospective customer.
Primary Responsibility of the Bank to the customer towards product and services
Branch Staff orBC/BF
Term and Recurring Deposit account
Loans and Advances
Third party Insurance Products
Branch Staff orBC
Information – Transparency
Customer can access the information on interest rates, any change in interest rates, GSFC and any type of products & services which Bank offer and that suit the customers’ needs through any one or more of the following:
Advertising, Marketing and Sales
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