Protection of Customer Interests: Responsibilities of Banks
- Banks should put in place an appropriate grievance/complaint redressal system.
- The contact details of the grievance redressal officer should be displayed on the premises of the BC as also at the base branch.
- Banks should ensure that there are no complaints from the customer about the service charges being non-transparent/not reasonable.
- Banks must carry out suitable due diligence in respect of the entities proposed to be appointed as Business Correspondents (BCs).
- Banks may educate the customers on the role of the BC and their obligation towards the customers.
- Banks should ensure the security and confidentiality of the customer information in the custody or possession of the BCs.