Introduction
Bank regulation and supervision are carried out by the Reserve Bank of India (RBI). The Banking Regulation Act of 1949 establishes a framework for regulating Indian banks. On March 16, 1949, the Act became operative. The RBI is empowered under this Act to regulate bank activity. The Banking Companies Act of 1949, was passed.
Jammu and Kashmir did not come under its purview until 1956. The daily activities of the bank are monitored by this Act. According to this Act, the RBI has the authority to issue bank licenses, regulate shareholder shareholding and voting rights, oversee the selection of boards of directors and management, and establish auditing guidelines. In mergers and liquidations, RBI also has a part to play.
The Department of Banking Regulation (DBR) of the RBI responded on March 10, 2007, stating that banks are not required to take a lunch break.
Banks cannot require customers to remain outside and shut gates during “lunch break” hours, according to the RBI’s response. The way bank employees handle consumers are not acceptable. There must always be a staff member at the counter to assist consumers, according to the rules.
Right of Bank Customers
- Customers are required to approach the Reserve Bank (RBI) directly under the rights connected to the bank if they feel that the bank has not treated them properly.
- Customers of banks also have the right to become the manager of that bank if any bank employee takes too long to complete their banking tasks or drives them about needlessly.
- For the resolution of consumer concerns, the bank also operates a Grievance Redressal Forum that includes practically all banks in the nation. Through these forums, you can resolve your concern.
- By obtaining the bank’s Grievance Redressal Number, you can file a complaint on an employee’s grievance regardless of why you are a customer of that bank.
Filing Complaints against banks
You may submit a complaint with the banking ombudsman, who will advise you on what to do if your bank ignores your complaints about the subpar service it is providing to you.
The Banking Ombudsman accepts written complaints only on plain paper. The Banking Ombudsman can also be contacted by email or online filing.
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