Maharashtra Gramin Bank Charter Of Customer Rights Policy PDF

# Maharashtra Gramin Bank: Charter of Customer Rights Policy ## Maharashtra Gramin Bank: Charter of Customer Rights Policy ### Introduction This document outlines the Charter of Customer Rights for Maharashtra Gramin Bank, providing information on various facilities and services provided to custom...

# Maharashtra Gramin Bank: Charter of Customer Rights Policy ## Maharashtra Gramin Bank: Charter of Customer Rights Policy ### Introduction This document outlines the Charter of Customer Rights for Maharashtra Gramin Bank, providing information on various facilities and services provided to customers in branches of Maharashtra Gramin Bank. The Charter alongside the Code of Fair Practices is to ensure high standards of accountability, responsibility, and transparency in dealings with customers. ### Key Principles - **Availability of Customer Rights Documents**: Copies of the Charter are available upon request at all branches and controlling offices. - **Commitment of Staff**: All staff members are committed to the implementation of the Charter's principles. - **Regular Updating**: The information in the Charter is regularly updated. For the most up-to-date information, contact the nearest branch, area office, or controlling office. ### Customer Protection and Financial Inclusion The bank's Customer Rights Policy aims to enhance protection and financial inclusion based on domestic and global best practices. ### Fundamental Customer Rights #### 1. Right to Fair Treatment - All customers have the right to be treated with courtesy. - Discrimination is not permitted based on gender, age, religion, caste, physical ability, or any other criteria. - When offering and delivering financial products, the bank will: - Promote good and fair banking practices by setting minimum standards. - Cultivate a fair and equitable relationship between the bank and the customer. - Train bank staff adequately and appropriately to ensure they attend to customers courteously. - Ensure that staff deals with customers promptly and courteously. - Not discriminate against any customer on grounds of gender, age, religion, caste, literacy, economic status, physical ability, etc. - Implement schemes or products specifically for members of a target market or for economic rationale, ensuring that these schemes are defensible and commercially acceptable. - Explicitly explain the rationale for any special schemes or terms associated with affirmative action for women or backward classes. - Ensure all products and services are offered in accordance with relevant laws. - Provide customers with hassle-free and fair treatment. - Encourage customers to behave courteously and honestly in their dealings with the bank. - Encourage customers to approach the bank's internal grievance redressal machinery first, and then seek alternative fora if necessary. #### 2. Right to Transparency, Fair and Honest Dealing - The financial services provider is committed to ensuring all contracts and agreements are transparent, easily understood, and communicated clearly to customers. - Terms and conditions encompass price, associated risks, responsibilities of the customer and financial service provider, and all aspects governing use over the product's lifecycle. - The bank will not engage in unfair business or marketing practices, coercive contractual terms, or misleading representations. - The bank will: - Ensure all customer dealings are based on ethical principles of equity, integrity, and transparency. - Provide customers with comprehensive information about products and services, including terms, conditions, interest rates, and service charges, in simple and understandable language. - Ensure all terms and conditions are fair, laid out in plain language, and set out the respective rights, liabilities, and obligations for customers. - Clearly communicate the key risks associated with the product and any features that may disadvantage the customer. - Provide information on interest rates, fees and charges on Notice Boards, websites, help-lines, help-desks, or directly to the customer. - Ensure that the Tariff Schedule is displayed in its branches and on the website. - Clearly explain in the Tariff Schedule all applicable charges. - Inform customers of any change in terms and conditions through a letter, statement of account, SMS, or email at least one month prior to the change taking effect. - Ensure that changes to terms and conditions are made prospectively with one month's notice, unless the change is favorable to the customer, in which case notification will be provided within 30 days. - Inform customers of any adverse changes 30 days in advance, providing options to close the account or switch to another eligible account within 60 days. - Provide information regarding the penalties for non-observance or breach of terms and conditions. - Display policies on deposits, cheque collection, grievance redressal, compensation, and security repossession in the public domain. - Ensure that trained staff provides comprehensive, accurate, and honest information to customers. - Respond to applications within a reasonable time period, notifying customers of any rejection and reasons for it. - Communicate information about the following: - Discontinuation of products. - Relocation of offices. - Changes in working hours. - Change in telephone numbers. - Closure of a branch. - Ensure timely and comprehensive disclosure of relevant information through all available channels. - Advise the customer of their rights and obligations as well as the need to report any critical incidents. - Ensure that staff, when approached by a customer, provides relevant information and directions to other resources. - Not terminate a customer relationship without reasonable or contractual prior notice. - Assist customers in managing their accounts, financial relationships, and providing information like statements, alerts, and performance updates. - Ensure that all marketing and promotional material is clear and not misleading. - Never threaten the customer with physical harm, exert influence, or engage in behavior that could be construed as harassment. - Ensure that all fees and charges are reasonable and justified. #### 3. Right to Suitability - The bank is committed to ensuring that products offered are appropriate to the needs and financial circumstances of the customer. - The bank will: - Ensure that a Board-approved policy for assessing suitability of products is in place. - Endeavor to provide appropriate products, based on the customer's needs and financial standing. - Document the assessment of suitability and provide evidence in records. - Sell third-party products only with authorization and an approved policy for marketing and distribution. - Not apply a quid-pro-quo system for third-party products, forcing customers to buy them in exchange for services. - Ensure that all products, including third-party products, are offered in compliance with existing rules and regulations. - Provide customers with relevant information about third-party products. - Determine the suitability of products before offering them. #### 4. Right to Privacy - The bank is committed to protecting customer privacy and ensuring that personal information is kept confidential unless specific consent has been given, required by law, or mandated for a business purpose. - The bank will: - Treat customers' personal information as private and confidential, even after their banking relationship with the bank ends. - Not disclose customer information without their explicit consent, except in the following situations: - It is legally required. - It is a public duty. - It is necessary to protect the bank's interests. - It is for mandated business purposes, such as disclosure to credit information companies or debt collection agencies. - Communicate any mandated disclosures immediately in writing. - Not use or share customers' personal information for marketing purposes without their specific authorization. - Adhere to Telecom Commercial Communications Customer Preference Regulations, 2010 (National Customer Preference Registry) issued by Telecom Regulatory Authority of India, while communicating with customers. #### 5. Right to Grievance Redress and Compensation - The bank is committed to ensuring customers have clear and easy ways to address valid complaints and grievances. - The bank will: - Deal with customer concerns sympathetically and expeditiously. - Correct mistakes promptly. - Cancel any charges wrongly applied. - Compensate customers for any direct financial loss resulting from lapses on the bank's part. - Place a Customer Grievance Redressal Policy and complaint resolution procedure in the public domain. - Ensure all transactions are settled within the agreed timelines. - Provide a robust and responsive grievance redressal procedure with clear guidance on how to make a complaint. - Ensure easy access to grievance redressal mechanisms for customers. - Inform the customer about how to complain, who will handle the complaint, how long the process will take, and the recourse for unsatisfied customers. - Clearly display contact details for the Grievance Redressal Authority/Nodal Officer and the time limit for resolution of complaints. - Inform the complainant of the option to escalate their complaint to the Banking Ombudsman if their issue isn't resolved within the predetermined time. - Make information about the Banking Ombudsman Scheme publicly available. - Display contact details for the Banking Ombudsman at customer contact points. - Acknowledge all complaints within three working days and strive to resolve them within a reasonable period, not exceeding 30 days. - Provide aggrieved customers with details of the Banking Ombudsman Scheme if they are unsatisfied with the dispute resolution process. - Clearly outline the bank's liability for losses and responsibilities of all parties in the event of product failure. - Not be held liable for losses caused by extraneous circumstances. - Ensure that customers are refunded without delay if a disputed transaction is not resolved in the bank's favor. This document outlines the core principles of the Maharashtra Gramin Bank's commitment to ensuring customer satisfaction and building trust through transparency, fairness, and accountability. It is a valuable resource for understanding the rights and expectations of customers in their interactions with the bank.