.........According to the RBI notification, banks should not take undue advantage of customer difficulty or inattention. Instead of levying penal charges for nonmaintenance of minimum balance in ordinary savings bank accounts, banks should limit services available on such accounts to those available to basic savings bank deposit accounts and restore the services when the balances improve to the minimum required level. Banks should not levy penal charges for nonmaintenance of minimum balances in any inoperative account. Banks should also limit the liability of customers in electronic banking transactions in cases where banks are not able to prove customer negligence, the RBI said.......
The very purpose of VITALINFO is to provide a platform for wider dissemination of updated information related to and happening of events in and around RBI.
1 comment:
This is a welcome move. In addition to banks, there are several other organisations which consider balances in inoperative or dormant accounts as a 'resource' and over a time appropriate the depositors' money. This practice works as an incentive for the organisation, not to bother about tracking the customer and paying her dues in situations where she is not able to use deposit accounts. Banks are in the august company of LIC, EPFO and several NBFCs and Chit Funds in misappropriating genuine deposits of small savers.
Post a Comment