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:
While it shall be the endeavor of the Bank to provide its customers with hassle free and fair treatment, the Bank would expect its customers to behave courteously and honestly in their dealings with the Bank.
It shall also be the Bank’s endeavor to encourage its customers to approach the Bank’s internal grievance redressal mechanism and approach alternate fora after exhausting all their remedies under the Bank’s internal grievance mechanism.
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 associatedrisks, the terms, and conditions that govern use over the product’s life cycle and the responsibilities of thecustomer and the Bank should be clearly disclosed.
The customer should not be subject to unfair businessor marketing practices, coercive contractual terms, or misleading representations. Over the course of theirrelationship, the Bank cannot threaten the customer with physical harm, exert undue influence, or engagein blatant harassment.
Give details, in their Tariff Schedule, of all charges, if any, applicable to the products and services chosen by customer
Inform the customer of any change in the terms and conditions through any one or more of the following channels one month prior to the revised terms and conditions becoming effective
Statements of account
The Bank affirms that disclosure of information is an on-going process through the life cycle 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 Redressal 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.
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