The Customer Rights Policy enshrines basic rights of the customers of the banks regulated by the Reserve Bank of India. It spells out the rights of the customer and also the responsibilities of the bank. The Policy applies to all products and services offered by the bank or its agents, whether provided across the counter, over phone, by post, through interactive electronic devices, on internet or by any other method.
Right to fair treatment
Both the customer and the Bank have a right to be treated with courtesy. The customer should not be unfairly discriminated against on grounds such as gender, age, religion, caste, and physical ability when offering and delivering financial products.
In pursuance of the above Right, The Bank will:
Right to Transparency, Fair and Honest Dealing
The Bank should make every effort to ensure that the contracts or agreements it frames are transparent, easily understood by and well communicated to the common person. The product’s price, the associated risks, the terms, and conditions that govern use over the product’s life cycle and the responsibilities of the customer and the Bank should be clearly disclosed. The customer should not be subject to unfair business or marketing practices, coercive contractual terms, or misleading representations. Over the course of their relationship, the Bank cannot threaten the customer with physical harm, exert undue influence, or engage in blatant harassment.
The Bank affirms that disclosure of information is an on-going process through the lifecycle of the product/relationship and would be diligently followed by us. The Bank would ensure to use all possible channels of communication, including website, to ensure that information on all changes is made known to the customer upfront;
Right to Suitability
The products offered should be appropriate to the needs of the customer and based on assessment of the customer’s financial circumstances and understanding.
In pursuance of the above Right, The Bank would –
Right to Privacy
Customers’ personal information should be kept confidential unless they have offered specific consent to the Bank or such information is required to be provided under the law or it is provided for a mandated business purpose (for example, to credit information companies). The customer should be informed upfront about likely mandated business purposes. Customers have the right to protection from all kinds of communications, electronic or otherwise, which infringe upon their privacy.
Treat customer's personal information as private and confidential (even when the customer is no longer banking with us), and, as a general rule, not disclose such information to any other individual/institutions including its subsidiaries/associates, tie-up institutions etc. for any purpose unless:
Right to Grievance Redress and Compensation
The customer has a right to hold the Bank accountable for the products offered and to have a clear and easy way to have any valid grievances redressed. The provider should also facilitate redress of grievances stemming from its sale of third-party products. The Bank must communicate its policy for compensating mistakes, lapses in conduct, as well as non-performance or delays in performance, whether caused by the provider or otherwise. The policy must lay out the rights and duties of the customer when such events occur.
The Bank would also –
Further, The Bank would –
In addition, the Bank would:
Review of the Policy
This policy would be reviewed annually taking into account the various amendments to guidelines and regulations (if any), Business models and would be placed to Board for their approval.
Any changes to the policy will be approved internally through the relevant Board approved committee. The policy as a rule will be reviewed at the Board level once a year. If there is a major change made, it will be ratified by the Board in the next meeting.
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