SITE MAP     CONTACT US     DISCLAIMER  
   About Us     Useful Information     FAQs     Financial Education     Complaints   Important Websites  
Search
Period
From  
To  
Archives
   
Home >> PressReleases - Display
Note : To obtain an aligned printout please download the (178.00 kb ) version to your machine and then use respective software to print the story.
Date: 03/12/2014
RBI releases Charter of Customer Rights

The Reserve Bank of India today released a Charter of Customer Rights, which enshrines broad, overarching principles for protection of bank customers and enunciates the ‘five’ basic rights of bank customers. These are: (i) Right to Fair Treatment; (ii) Right to Transparency; Fair and Honest Dealing; (iii) Right to Suitability; (iv) Right to Privacy; and (v) Right to Grievance Redress and Compensation.

The Reserve Bank has also advised the Indian Banks’ Association (IBA) and the Banking Codes and Standards Board of India (BCSBI) to formulate a “Model Customer Rights Policy” encapsulating the principles enshrined in the Charter.

Initially, all the scheduled commercial banks, regional rural banks and urban co-operative banks are expected to prepare their own Board approved policy incorporating the five basic rights of the Charter which, among other things, would contain a monitoring and oversight mechanism for ensuring adherence. The policy, if needed, would have to be suitably dovetailed with the “Model Customer Rights Policy” proposed to be formulated by IBA/BCSBI.

The Reserve Bank would monitor the progress and oversee the adherence by banks over a period of time.

Alpana Killawala
Principal Chief General Manager

Press Release : 2014-2015/1142

 
  © Reserve Bank of India. All Rights Reserved.

Best viewed in 1024x768 resolution in IE 5 and above.