Fair Practices Code on Lender's Liability

The Bank declares

To provide professional, efficient, courteous, diligent and speedy services in the matter of retail lending.

1. Not to discriminate on the basis of religion, caste, sex, descent or any of them.

3. To be fair and honest in advertising and marketing of Loan Products.

4. To provide customers with accurate and timely disclosure of terms, costs, rights and liabilities as regards loan transactions.

5. If sought, to provide such assistance or advise to customers applying for loans.

6. To attempt in good faith to resolve any disputes or differences with customers through complaint redressal cells within the organization.

7. To comply with all the regulatory requirements in good faith.

8. To spread general awareness about potential risks in contracting loans and encourage customers to take independent financial advice and not to act only on representation from banks.

PRODUCTS INFORMATION

1. 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.

2. On exercise of choice, the customer would be given the relevant information about the loan product of his choice.

3. 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.

4. 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.

5. The customer will be informed the procedure for servicing & closure of the loan a/c.

INTEREST & OTHER CHARGES

6. Interest rate for different loan products and the subsequent revisions would be made available through any one or all of the media, namely- Bank’s Web Site, over telephone where tele- banking facility is available, Other Media.

7. Interest Rate revisions to the existing customers would be notified within 3 working days from the date of change through the media listed in point no 6.

8. The Bank would notify clearly about the default interest/penal interest rates to the prospective customers.

9. Customers would be entitled to receive on demand periodic updates on the interest rates applicable to their accounts. On demand, customers can have full details of method of application of interest.

10. The Bank would notify details of all charges payable by the customers in relation to their loan account.

11. The Bank would make available for the benefit of prospective customers all the details relating to charges and also subsequent revisions (generally in respect of retail products) in the media as specified in point no 6.

12. The Bank would clearly specify to charge account for interest and charges, wherever necessary and obtain a mandate from them at the time of documentation for debiting the said account.

PROCESSING OF LOAN APPLICATION

13. The Bank would ordinarily give an acknowledgement of receipt of loan request and if demanded by the customer, a copy of the application form duly acknowledged would also be given, as soon as the customer chooses to buy a product or service of his choice.

14. Immediately after the decision to sanction the loan, the 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.

15. Loan application form, Draft documents or such other papers to be signed by a customer will comprehensively contain all the terms and conditions relating to the product or service of his choice.

16. Wherever possible, reasons for rejection of loan would be conveyed to the customers.

17. Before disbursement of loan and on immediate execution of the loan documents, the Bank would deliver a copy of the duly executed documents to the customers.

ACCOUNTING PRACTICES

18. The Bank would provide regular statement of accounts, unless not found necessary by the customers.

19. The 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.

20. The Bank would notify in advance any change in accounting practices that would affect the customer, before implementation.

INFORMATION SECRECY

21. 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.

22. Subject to above Para, customer information would be revealed only under the following circumstances, namely;

1. If the Bank is compelled by law
2. If it is in the Public interest to reveal the information
3. If the interests of the Bank require disclosure

FINANCIAL DISTRESS & REDRESSAL OF GRIEVANCES

23. The Bank would encourage the customer to inform about their financial distress to reckon such cases brought in Bank’s notice and consider them sympathetically.

24. The Bank would make available all the details on Grievance Redressal, namely;

1. Where a complaint can be made
2. How a complaint should be made
3. When to expect reply,
4. Whom to approach for redressal of grievance etc.

25. Response to a complaint whether positive or negative or requiring more time for redressal would be given within a maximum period of four weeks unless the nature of complaint is such that it requires verification of voluminous facts and figures.

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