Code of Bank’s Forex course nibm to Customers and the Code of Bank’s Commitment to Micro and Small Enterprises which have been voluntarily adopted by member banks. The Code of Bank’s Commitment to Customers was reviewed in the year 2009 in collaboration with IBA. Chairman, BCSBI and members of the Governing Council held a meeting with the Principal Code Compliance Officers of member banks at Mumbai on March 27, 2010 which was very well attended.
Issues emanating during discussions are listed below with BCSBI’s clarifications. There are multiple codes and charters for customer service from BCSBI, IBA and RBI. There may be need to move towards unification thereof. The contents covered in the Fair Practices Code are also covered in the BCSBI Code. BCSBI member banks are required to follow, practice and provide information on both the codes to customers.
IBA has clarified on its website that the following codes evolved by them are not applicable to members of the BCSBI. Model Code for Collection of Dues and Repossession of security. Member banks are, therefore, required to follow BCSBI Codes. 2 ‘Do Not Call Service’ When you become our customer, we will automatically register your name under our ‘Do Not Call ‘ Service. Why cannot there be an entry in the DNC only at the specific instance of the customer? It is the responsibility of the bank to inform the customers also, as to the latest information on products and services.
In the era of technology the most convenient way of marketing is e-mail, telephone, SMS etc. The underlying principle of the Code is the need for explicit consent and not implicit consent. The customer has a right to privacy and should not be taken for granted. The medium through which customers can be intimated about changes in fees and charges should be included in the Code. A reference is invited to Para 3. 1 of the Code wherein the modes of communicating changes to terms and conditions have been listed. Banks need to ensure that changes to terms and conditions including fees and charges reach the customer 30 days prior to the changes becoming effective.
If a customer has registered an e-mail id with the bank, communications may be sent to him by e-mail. We may, from time to time, communicate to you various features of our products availed by you. If your loan account has been in default, and thereafter regularised, we will take steps to update this information with the CRA in the next monthly report. Act, 2005 credit information is to be updated on a monthly basis or at such shorter intervals as may be mutually agreed upon between the credit institution and credit information company. Collection of Dues Whenever we give loans, we will explain to you the repayment process by way of amount, tenure and periodicity of repayment.