BCSBI (now dissolved, but historically relevant for the code) issued voluntary codes setting minimum standards of banking practices for member banks to follow.

The Internal Grievance Redressal mechanism of the bank is given 30 days to resolve the issue. If rejected or unresolved after 30 days, the customer can escalate to the Ombudsman.

RBI mandates automatic reversal within 5 days. Failure attracts a penalty of ?100 per day beyond T+5, payable to the customer without demand.

Once the customer reports the incident, any subsequent loss is borne by the bank. However, the loss incurred *before* reporting is the customer's liability due to their negligence.

This policy ensures transparency and standardized compensation for customers when the bank is at fault.

To ensure financial inclusion for vulnerable groups, RBI mandates doorstep services (cash pickup/delivery, KYC, Life Certificate) for seniors over 70 and the differently abled.

As per RBI guidelines on limiting liability, if the customer reports the unauthorized transaction within 3 working days of receiving the communication from the bank, the customer has **Zero Liability**, regardless of whether the fault lies with the bank or a third party.

Confidentiality is a core banker-customer duty. Exceptions include legal compulsion (Income Tax, Court), public duty, or customer consent (Credit Bureaus).

To ease the burden on senior citizens, banks must allow submission at any branch or digitally via Jeevan Pramaan (biometric). Doorstep banking is also an option.

The IO acts as an independent apex level authority within the bank. Before the bank finally rejects a customer's complaint, it must be reviewed by the IO to ensure fairness.

The four exceptions established are: 1. Under Law, 2. Public Duty, 3. Bank's Own Interest (e.g., suing customer), 4. Customer's Consent. Casual requests are strictly denied due to confidentiality.

Zero liability applies if the bank is at fault OR if there is a system breach elsewhere reported within 3 days. If the customer is negligent (shares OTP), they bear the loss until reporting.

BCSBI (now dissolved, but historically relevant for the code) issued voluntary codes setting minimum standards of banking practices for member banks to follow regarding transparency and fairness.

The Internal Grievance Redressal mechanism of the bank is given 30 days to resolve the issue. If rejected or unresolved after 30 days, the customer can escalate to the Ombudsman.

RBI mandates automatic reversal within 5 days. Failure attracts a penalty of ?100 per day beyond T+5, payable to the customer without demand.

Once the customer reports the incident, any subsequent loss is borne by the bank. However, the loss incurred *before* reporting is the customer's liability due to their negligence.

This policy ensures transparency and standardized compensation for customers when the bank is at fault.

To ensure financial inclusion for vulnerable groups, RBI mandates doorstep services (cash pickup/delivery, KYC, Life Certificate) for seniors over 70 and the differently abled.

For a delay of 4-7 days, the customer's liability is capped (e.g., ?5,000 for Basic Savings accounts, ?10,000 for other SB accounts, up to ?25,000 for Credit Cards with limit > ?5 Lakh). Beyond 7 days, it is as per board-approved policy.

For delays in collection of local cheques beyond the timeline, banks typically pay interest at the Savings Bank rate for the period of delay. (For outstation cheques, higher rates apply for longer delays).

Form 15H is specifically for resident individuals aged 60 years or more to declare that their tax liability is nil, preventing TDS on interest.

The penalty for delayed reversal of failed transactions (ATM, IMPS, UPI, Cards) is standardized at ?100 per day of delay beyond the prescribed TAT (T+1 for IMPS).

The Ombudsman does not interfere in the commercial decisions of the bank (like credit sanctioning) unless there is a violation of RBI guidelines or fair practice code.

While the service is mandatory for eligible customers, banks are permitted to charge a reasonable fee for the service to cover costs.