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.