Awareness Fridays: [Update] Guidelines on Detection and Impounding of Counterfeit Notes at Indian Banks

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On the subject of detection and impounding of counterfeit notes by banks operating in India, the Reserve Bank of India notes that, Complaints are being received from the public that while impounding a counterfeit note, the tenderer is not informed the reasons for deeming a note as counterfeit. It is therefore advised that the format […]

Awareness Fridays: A Guide to the Indian Banking Ombudsman Scheme

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The Reserve Bank of India also governs the Banking Ombudsman Scheme which provides an “expeditious and inexpensive forum to bank customers for resolution of their complaints relating to banking services.” The objective of the Banking Ombudsman Scheme is to be a visible and reliable system of dispute resolution mechanism for bank customers. Though the Ombudsman […]

Tip Tuesdays: Did You Know that Your Bank Should Compulsorily Tell You — in Writing — Why Your Loan/Credit Card Application was Rejected?

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I’d written about this before, but felt it important to bring up again. According to the Reserve Bank of India’s Guidelines on Fair Practices Code for Lenders, Banks and Financial Institutions should convey in writing the main reason(s) which, in the opinion of the Bank or Financial Institution have led to rejection of the loan […]

Know Your Rights: Did You Know That Banks Are Liable to Pay a Penalty for Issuing Unsolicited Credit Cards?

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Source: RBI Notification. Banks have been advised that unsolicited credit cards should not be issued and that in case an unsolicited card is issued and activated without the consent of the recipient and the latter is billed for the same, the card issuing bank shall not only reverse the charges forthwith, but also pay a […]

Did You Know: Credit Card Companies In India Will No Longer Be Liable For Transactions That Happen Before A Card Loss Is Reported

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The following is a true account of a close friend’s experience after losing a credit card: How the credit card was lost? My purse was stolen on 20th January 2008 at an IKEA store in Elizabeth, NJ. I lost my Driver’s License, an HSBC credit card, and all my Debit Cards. I contacted the police, […]

Know Your Rights: From May 01, 2007 Your Bank Should Compulsorily Tell You Why Your Loan Application Was Rejected

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Public Service Announcement From a recent RBI circular: Guidelines on Fair Practices Code for Lenders Earlier, Banks/FIs were advised that loan application forms in respect of priority sector advances up to Rs. 2.00 lakhs should be comprehensive and should include information about the fees/charges, if any, payable for processing, the amount of such fees refundable […]