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B.com 2nd sem BLO (Banking law and operations) chapter 1 Banker and customer relationship Video Lecture - Self Help Learning

FAQs on B.com 2nd sem BLO (Banking law and operations) chapter 1 Banker and customer relationship Video Lecture - Self Help Learning

1. What is the importance of the banker and customer relationship in banking law and operations?

Ans. The banker and customer relationship is crucial in banking law and operations as it establishes the legal framework for various transactions between banks and their customers. It defines the rights, duties, and liabilities of both parties, ensuring smooth financial operations and protection of interests.

2. What are the key responsibilities of a banker in the banker and customer relationship?

Ans. The primary responsibilities of a banker in the banker and customer relationship include maintaining confidentiality of customer information, providing safe and secure banking services, honoring customer instructions, and exercising due diligence in preventing money laundering and fraud.

3. What are the rights of a customer in the banker and customer relationship?

Ans. Customers have the right to access their account information, receive accurate and timely statements, expect confidentiality of their financial information, and have their funds handled with due care and diligence by the bank. They also have the right to seek redress in case of any grievances or disputes.

4. Can a bank refuse to open an account for a customer?

Ans. Yes, a bank has the right to refuse to open an account for a customer under certain circumstances. These may include the customer's failure to provide necessary identification documents, suspicion of illegal activities, or if the bank deems the customer as high-risk due to their financial history or background.

5. What are the legal remedies available to a customer in case of a dispute with the bank?

Ans. In case of a dispute with the bank, a customer can first approach the bank's customer service department or grievance redressal mechanism. If the issue remains unresolved, the customer can escalate the matter to higher authorities within the bank or lodge a complaint with the relevant regulatory authorities or ombudsman. Legal remedies such as filing a lawsuit or seeking arbitration may also be pursued if necessary.

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