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Mr Kislay Pandey a Aanking Dispute Lawyer about NEFT System

Mr Kislay Pandey, a famous Banking Dispute Advocate of Supreme Court of India said, “According to the Yearly Programme Declaration for the year 2006-2007, in order to confirm ethical and fair-minded banking practices, RBI formed a Working Group to script a system to determine an equitable banking service charges and assimilation it in the Fair Practices Code, the compliance of which would be supervised and controlled by the Banking Codes and Standards Board of India (BCSBI).”

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Mr Kislay Pandey a Aanking Dispute Lawyer about NEFT System

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  1. A Banking Dispute Advocate’s Take on Banks’ Service Charges Regulations Nowadays, many customers complain about hidden banking service charges by private or nationalized RBI. In some cases, it is true. Customers, while opening accounts, would not read all the terms and conditions prescribed in the account form and hence there is a possibility of feeling cheated by bank authorities. However, if we see the scenario legally, RBI are free to charge service amounts they want. Since September 1999, the Reserve Bank of India has granted freedom to all the private and nationalized RBI to propose service charges with the consent of the respective Board of Directors. The Indian RBI’ Association (IBA) has handed out a service charge sheet to be charged by RBI for various services provided by them.

  2. A Banking Dispute Advocate’s Take on Banks’ Service Charges Regulations Mr KislayPandey, a famous Banking Dispute Advocate of Supreme Court of India said, “According to the Yearly Programme Declaration for the year 2006-2007, in order to confirm ethical and fair-minded banking practices, RBI formed a Working Group to script a system to determine an equitable banking service charges and assimilation it in the Fair Practices Code, the compliance of which would be supervised and controlled by the Banking Codes and Standards Board of India (BCSBI).” After conducting in-depth research and much deliberation on the issue, the Working Group has submitted its report to RBI depicting 27 various banking services related to deposit/ loan accounts, transfer of funds services and cheque gatherings, as a suggestive list of fundamental banking services to be offered by RBI. The report has been accepted by RBI with some minor modifications and issued a circular DBOD. No. Dir. 56/13.03.00/2006-07 dated February 2, 2007 to all scheduled commercial RBI. Furthermore, RBI need to follow certain principles to ensure equanimity in setting and communicating service charges. Some of them are described below.

  3. A Banking Dispute Advocate’s Take on Banks’ Service Charges Regulations For some fundamental banking services to individuals, RBI should impose charges that are lower than the charges taken from the non-individuals for the same services. Charges for the basic banking services to a special category of individuals like rural citizens, pensioners and senior citizens should be more liberal compared to the charges levy to other individuals. When a bank offers basic services to in dividuals, it should charge only to cover any incremental cost. RBI should inform their customers about all the charges applicable to all fundamental services before offering services and should not hide anything from them. RBI also should convey to their customers about the recovery of the service charges from their future financial transactions and should not hide from them. RBI should not collect services charges which were not notified to individuals.

  4. A Banking Dispute Advocate’s Take on Banks’ Service Charges Regulations RBI also should come out with some transparent banking service information mechanism and implement it effectively. Moreover, RBI should come up with a complaint-addresser model to rectify customers’ complaints quickly and also should address all the charges clearly in banking journals and bank documents. A very well-known banking Dispute Advocate Mr KislayPandey who practices in the Supreme Court of India throws a light on different service charges of the RBI and about the RBI guidelines on service charges.

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