Question 1
If a customer's account is debited during an ATM transaction but cash is not dispensed, the bank must reverse the amount within T+5 days. If it fails to do so, what is the compensation payable to the customer?
View Explanation
The RBI mandates that banks must resolve failed ATM transactions (wrong debits) within 5 calendar days (T+5) from the date of transaction. Beyond this period, the bank is liable to pay a compensation of ?100 per day of delay to the account holder, without waiting for a formal complaint/claim from the customer.
Question 2
According to the BCSBI Code/RBI Guidelines, settlement of claims in respect of deceased depositors and release of payments to survivors/nominees should be made within a period not exceeding _____ from the date of receipt of the claim with all necessary documents.
View Explanation
To ensure timely service to the bereaved family, banks are mandated to settle claims in deceased accounts within 15 days of receiving the claim application complete in all respects. This applies to accounts with nomination/survivorship clauses as well as those without.
Question 3
Under RBI guidelines for "Doorstep Banking" for Senior Citizens (>70 years) and Differently Abled persons, which of the following services is the bank mandated to provide?
View Explanation
To support vulnerable groups, RBI mandates banks to provide basic banking services at the doorstep for senior citizens over 70 and differently-abled persons. This includes pick-up of cash/instruments, delivery of cash, KYC documents pickup, and delivery of DDs/cheque books.
Question 4
Each bank must have a Board-approved "Compensation Policy". This policy typically covers compensation for:
View Explanation
The Comprehensive Compensation Policy aims to cover various deficiencies in service, including delays in cheque collection, ATM failures, unauthorized debits, and payment of interest for delays in returns, ensuring customer rights are protected.
Question 5
The Goiporia Committee is associated with recommendations on:
View Explanation
The Goiporia Committee (1990) was a landmark committee that recommended time norms for various banking transactions and measures to improve customer service in banks.
