Page 64 - DMGT303_BANKING_AND_INSURANCE

Unit 3: Concept of Retail Banking

within 60 days from date of complaint or he is not satisfied with the response received Notes
from the bank, he has a right to approach Banking Ombudsman appointed by the Reserve
Bank of India.

Notes The bank, before opening any deposit account will carry out due diligence as
required under “Know Your Customer” (KYC) guidelines issued by RBI and or such other
norms or procedures adopted by the Bank.

Self Assessment

State whether the following statements are true or false:

6. Depositors having any complaint/grievance with regard to services rendered by the bank
has a right to approach authority(ies) designated by the bank for handling customer
complaint/grievances.
7. If the depositor has registered nomination with the bank - the balance outstanding in the
account of the deceased depositor will be transferred to the account of/paid to the nominee
after the bank satisfies about the identity of the nominee, etc.

8. Safe deposit lockers may not be hired by an individual (being not a minor) singly or
jointly with another individual(s), HUFs, firms, limited companies, associates, societies,
trusts etc.
9. The bank may not consider request of the depositor/s for loan/overdraft facility against
term deposits duly discharged by the depositor/s on execution of necessary security
documents.

10. The bank may not at its discretion open deposit accounts other than Current Accounts of
illiterate person.

3.9 Corporate Banking

Corporate banking represents a wide range of banking and financial services provided to domestic
and international operations of large local Corporates and local operations of multinational
corporations.
Services include the following:
Access to commercial banking products, including working capital facilities such as
domestic and international trade operations and funding
Channel financing, and overdrafts

Letters of guarantee, etc.
Structured solutions both onshore and offshore

Term loans (including external commercial borrowings in foreign currency).
Domestic and international payments
Support to client’s worldwide operations, ensuring a full understanding of the company’s
business and financial needs.

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