Banks Commitments to Customers
The banking regulator, Reserve Bank of India, has put in place a series of measures to ensure that banks are held accountable for service deficiency. Banks, too, have agreed to adhere to a BCSBI (Banking Codes and Standards Board of India) code of commitment to customers, which is available on banks’ websites.

Here are some commitments you should be aware of:
Reporting Compromise Settlements
Many borrowers, who have repaid their dues under a compromise settlement with their bank, feel cheated when their see adverse reports in their credit history, since it can mean rejection of future loan applications.

If a loan is repaid after a part of the amount is waived off, many banks report the loan as ‘written-off ’ while submitting data to credit information companies.

However, the code states that if the account of a borrower is regularised after having been in default, the information will be passed on to the credit information company in the subsequent monthly report.
Delay In Affording Credits
The code also details the penal interest payable by the bank in the event of delay in executing transactions through the electronic payment platforms. The central bank, too, has specified penalties payable by banks in case of such delays. If the delay pertains to NECS, ECS-Credit or NEFT transactions, the bank has to pay penal interest at the prevailing RBI LAF Repo Rate plus 2%, starting from the due date of credit till the date of actual credit. This apart, every bank has formulated a cheque collection policy, which can be accessed on their websites. A key provision relates to the penalty payable by the bank in the event of delay in collecting outstation cheques. You need to study it carefully to be prepared to take action if your bank puts its toe out of the line.

Behaviour Of Recovery Agents
Many customers complain about the high-handedness of recovery agents. The code of commitment states the bank will not initiate recovery proceedings without informing the borrower in writing. The agents can contact you at a place of your choice and have to communicate in a ‘civil manner’. They can make calls or visits only between 7 am and 7 pm. If the recovery agent does not adhere to these norms, you can report the matter to the bank’s nodal officer. Being acquainted with the BCSBI code of commitment to customers will help you become aware of your rights.
(Updated - 18 Feb 2012)
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