https://www.taxtmi.com/news?id=16148 The Reserve Bank's Customer Rights Charter sets five core customer rights and directs banks to adopt a Board approved standalone Customer Rights Policy or integrate the Charter into existing Customer Service Policies, with Board review of implementation; banks must also frame Board approved Fair Practices Codes. RBI's lending guidance emphasises adequate disclosures and non coercive recovery, revising prior Fair Practices Code guidance for NBFCs to address sectoral changes. The Banking Ombudsman provides specified grounds for complaints, and an autonomous self regulatory Banking Codes and Standards Board of India has been supported to enhance customer service standards. en-us Sat, 07 May 2016 13:08:41 +0530 Sat, 07 May 2016 13:08:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=16148 The Reserve Bank's Customer Rights Charter sets five core customer rights and directs banks to adopt a Board approved standalone Customer Rights Policy or integrate the Charter into existing Customer Service Policies, with Board review of implementation; banks must also frame Board approved Fair Practices Codes. RBI's lending guidance emphasises adequate disclosures and non coercive recovery, revising prior Fair Practices Code guidance for NBFCs to address sectoral changes. The Banking Ombudsman provides specified grounds for complaints, and an autonomous self regulatory Banking Codes and Standards Board of India has been supported to enhance customer service standards. News - Sat, 07 May 2016 13:08:41 +0530 https://www.taxtmi.com/news?id=16148