Employees of public sector banks are frequently seen to be apathetic. People usually are unaware of their banking rights, and bank staff often take advantage of this situation by refusing to provide services under a variety of pretexts.
You can hold the bank accountable if you believe that they have treated you unfairly, withheld information from you, or even improperly utilised your personal information. Your rights are outlined in a formalised Charter of Customer Rights by the Reserve Bank of India. This has been done to always protect your banking rights. If you believe the bank has infringed any of your rights, you can file a complaint with your bank. We’ll discuss a few bank rights in this article that you should be aware of.
List of Banking rights that you must be aware of
- In response to an RTI, the RBI stated that all bank employees cannot go for a lunch at once. They can all go on separate lunch breaks. Normal business operations should continue throughout this time. You can protest to bank staff if they make you wait for lunch for a long time, do not speak to you politely, or arrive late for work.
- There will be an immediate complaint if the employee is late.
- If the bank is late in collecting a cheque, it must make up for the lost revenue from the customer. This decision must be made by the bank on its own terms. Bank cannot wait for you to ask compensation claim.
- Similar to this, you will receive compensation if the bank delays in implementing your Electronic Clearing Service (ECS) instructions. You will get a fine if the ESC fails owing to insufficient funds in the account.
- Any bank in the nation will exchange mutilated and soiled currency. No bank has the right to decline.
- If you have sought for a loan, the bank cannot deny your request without providing a justification. You can raise an objection if any bank does this.
Where to raise a complaint?
- Some banks keep registers for recording complaints in order to handle client complaints. You can lodge a complaint in that complaint register.
- You can also complain about that employee to the bank management or nodal officer if the register is not present.
- In addition to this, every bank typically has a Grievance Redressal Forum to address consumer complaints. They also resolve the client’s issue. The Grievance Redressal Number can be found on the website of the relevant bank. You can also receive the number by calling the bank’s customer service line, if you’d like.
What if the bank ignores your complaint?
To handle client complaints, RBI launched the Banking Ombudsman Scheme in 2006. The Banking Ombudsman accepts customer complaints. You can file a complaint with the ombudsman only under the following circumstances.
- The customer has filed a complaint with the bank, which is relevant to the issue, however, the bank has not responded to the customer’s complaint within a month.
- The bank dismissed the customer’s grievance.
- The customer is not pleased with the bank’s response to their question.