LOANS ADVANCES --> FAIR PRACTICE CODE ON LENDERS LIABILITY
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| Fair Practice Code On Lenders Liability |
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| 1. Product information |
- A prospective customer would be given all the necessary information adequately explaining the
range of loan products available with our Bank to suit his needs.
- On exercise of choice, the customer would be given the relevant information about the loan
product of his choice.
- The customer would be explained the processes involved till sanction and disbursement of loan
and would be notified of timeframe within which all the processes will be completed ordinarily at
our Bank.
- The customer would be informed of the names and phone numbers of branches and the persons whom
he can contact for the purpose of loan to suit his needs.
- The customer would be informed the procedure involved in servicing and closure of the loan
taken.
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| 2.Interest rates |
- Interest rates for different loan products would be made available through and In anyone or all
of the following media, namely:
a) In our Bank's Web site
b) Over phone, if Tele Banking Services are provided.
c) Through prominent display in the branches and at other delivery points.
d) Through other media from time to time.
- Customers would be entitled to receive periodic updates on the interest rates applicable to
their accounts.
- On demand, customers can have full details of method of application of interest.
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| 3.Revision in interest rate |
- Our Bank would notify immediately or as soon as possible any revision in the" existing interest
rates and make them available to the customers in the media: listed jn para 2(i).
- Interest rate revisions to the existing customers would be notified within 3 working days from
the date of change.
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| 4.Default interest / penal interest |
- Our Bank would notify clearly about the default interest/penal interest rates to the
prospective customers.
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| 5.Charges |
- Our Bank would notify details of all charges payable by the customers in relation to their loan
account.
- our bank would make available for the benefit of prospective customers all the details relating
to charges generally in respect of retail products in the media as specified in para2(i).
- Any revision in charges would be notified in advance and would also be made available in the
media as listed in para2(i).
- Our bank would clearly specify the charge account for interest and charges, wherever necessary
and get a mandate for debiting the said charge account alongwith the document.
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| 6.Terms and Conditions for lending |
- Our Bank would ordinarily give an acknowledgement of receipt of loan request and if demanded by
the customer.
- Immediately after the decision to sanction the loan, our Bank would show draft of the documents
that the customer is required to execute and would explain, if demanded by the customer, the
relevant terms and conditions for sanction and disbursement of loan,
- Loan application forms, draft documents or such other papers to be signed by customer should
compre-henslvely contain all the terms and conditions relating to the product or service of his
choice.
- Wherever possible, reasons for rejection of loan would be conveyed to the customers.
- Before disbursement of loan and on immediate execution of the loan documents, our Bank would
deliver a copy of the duly executed documents to the customers.
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| 7.Account Practices |
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Our Bank would provide regular statement of accounts, unless not found
necessary by the customers.
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Our Bank would notify relevant due dates for application of agreed interest,
penal interest, default interest, and charges if they are not mentioned in the Loan applications,
documents or correspondence.
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Our Bank would notify in advance any change in accounting practices that would
affect the customer, before implementation.
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| 8.Information Secrecy |
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All personal information of the customer would be confidential and would not
be disclosed to any third party unless agreed to by the customer. The term "third party" excludes
all Law Enforcement agencies, Credit Information Bureau, Reserve Bank of India, other banks and
financial institutions.
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Subject to above para, customer information would be revealed only under the
following circumstances, namely:
• If the Bank is compelled by law.
• If it is in the public interest to reveal the information.
• If the interests of our Bank require disclosure.
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| 9.Financial distress |
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Our Bank would reckon cases of customer's financial distress and consider them
sympathetically.
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Customer would ne enchouraged to inform about their financial distress as soon
as possible.
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Our Bank would adequately train the operational staff to give patient hearing
to the customer in financial distress and would render such help as may be possible in their
view.
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| 10.Grievance redressal |
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Our Bank would have a grievance redressal Cell/Department/Centre within
outside the organisation.
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Our Bank would make available all the details namely:
• Where a complaint can be made
• How a complaint should be made
• When to expect a reply
• Whom to approach for redressal of grievance, etc.
To the customers individually on demand and through the media listed in
2(i).
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Response to a complaint whether positive or negative or requiring more time
for redressal would be given within a maximum period of four weeks from the date complaint, unless
the nature of complaint Is such that It requires verification voluminous facts and figures.
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