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Fair Lending Practices Code

1. PREAMBLE

Scope :

1(a) FAIR LENDING PRACTICES CODE (FLPC for short) is a voluntary code adopted by our Bank, which aims to achieve synchronization of best practices while dealing with Customers in India. It aims to provide valuable inputs to Customers and facilitates effective interaction of customers with the Bank.

Extent :

1(b) FLPC would be applicable in the Bank from the date it is placed in the Bank's web site or is otherwise publicised through the media. FLPC contains 8 important declarations from us, the spirit of which pervades the entire FLPC provisions.

2. Important declarations :

The Bank declares and undertakes

  • To provide in a professional manner, efficient, courteous, diligent and speedy services in the matter of retail lending.
  • Not to discriminate on the basis of religion, caste, sex, descent or any of them.
  • To be fair and honest in advertisement and marketing of Loan Products.
  • To provide customers with accurate and timely disclosure of terms, costs, rights and liabilities as regards loan transactions.
  • If sought, to provide such assistance or advice to customers in contracting loans.
  • To attempt in good faith to resolve any disputes or differences with customers by setting up complaint redressal cells within the organisation.
  • To comply with all the regulatory requirements in good faith.
  • To spread general awareness about potential risks in contracting loans and encourage customers to take independent financial advice and not act only on representations from banks.
3. FAIR PRACTICES

3.1 Product Information :

  1. A prospective customer would be given all the necessary information adequately explaining the range of loan products available with the Bank to suit his/her needs.
  2. On exercise of choice, the customer would be given the relevant information about the loan product of choice.
  3. The Customer would be explained the processes involved till sanction and disbursement of loan and would be informed of time-frame within which all the processes will be completed ordinarily at our Bank.
  4. The Customer would be informed of the names and phone numbers of branches and the persons whom he can contact for the purpose of loan to suit his needs.
  5. The Customer would be informed the procedure involved in servicing and closure of the loan taken.

       

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