Know your Rights in Bank - Fusion - WeRIndia

Know your Rights in Bank

Banks

Have you ever been treated unfairly or inhumanely by your bank? You do not need calmly bear it. There are several rights that the RBI has set to ensure that customers get treated fairly. Earlier this month RBI has released five rights to protect customer’s liberty. Read on to find out what they are.

  • The first right is the right to fair treatment. If a bank discriminates a customer based on gender, religion, caste or for any other factor, the customer can challenge it.
  • Right to transparency is the second right. Any contract from the bank should be clear and simple as possible without any hidden litigations.
  • Right to suitability is made to prevent bank officials trying to sell policies which give them higher commission with complete disregard for what suits the interest of the customer.
  • Right to privacy states that banks must and should keep the personal information of a customer private at all costs, expect when it is required by law enforcement. Any infringement on customers’ privacy can be prevented with this.
  • Right to grievance redressal is for customers who want to report banks which fail to adhere to basic norms. Banks will be held accountable for their products as well as those of third party products related to them.

Image Courtesy: Sify

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