Brief presentation on basic Rights offered by bank to customers & duties which lies on customers end.

1. BANKING OPERATION
THE RIGHTS AND DUSTIES OF
CUSTOMERS TO THE BANKS
PRESENTED BY
Anisha Reddy
Sushmit Tripathi
Nishant Bangar
Romeet Sawant
Akarshita Nagaraj
Meghna Lahoria

2.  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

3.  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

4. 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

5.  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.)

6.  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.)

7.  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

8.  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)

9.  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

10.  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

11.  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 cheque
he/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

12. THANK YOU