No.

CIR/RB/CS/1292
February 5, 2015

The Chief Executives of all Banks

Dear Sir/Madam,

Model Customer Rights Policy

The RBI had placed a draft Charter of Customer Rights comprising the following five basic
customer rights – (i) Right to Fair Treatment (ii) Right to Transparency and Honest Dealing,
(iii) Right to Suitability,(iv)Right to Privacy,(v) Right to Grievance Redress and
Compensation along with the explanatory notes on each Right for public comments at their
website on 22nd August 2014. IBA had collated the views received from its member banks on
the draft and forwarded to RBI after scrutiny by the Managing Committee Meeting on 26th
September 2014. After studying the feedback from various stake holders, RBI had requested
IBA and BCSBI to draft a Model Customer Rights Policy inter alia in line with the extant
regulatory guidelines. Accordingly, the Draft Model Customer Rights Policy encompassing
the five basic customer rights prepared and forwarded to RBI duly approved by the Managing
Committee.

Now, RBI vide their communication dated January 27, 2015 has advised us of having
approved the Model Policy document with certain changes in the draft and requested IBA to
forward the document to member banks asking them to formulate their own Board approved
Policy at the earliest but not later than July 31, 2015. A copy of the RBI letter along with the
Model Policy document is enclosed.

The matter was placed in the IBA Managing Committee Meeting held on 31st January 2015.
The Committee accorded its approval for IBA to circulate the Model Customer Rights Policy
among its member banks.

We request you to kindly formulate your own Board approved Customer Rights Policy at
the earliest but not later than July 31, 2015 under advice to RBI. We further request you to
advise RRBs sponsored by you also to adopt similar Board approved Customer Rights
Policy. The Model Policy document is uploaded on our website www.iba.org.in [under
heading Customer Care – Model Policy Documents].

Yours faithfully,

K Unnikrishnan
Deputy Chief Executive

Encl: as above
World Trade Centre, 6th Floor, Centre 1 Bldg., World Trade Centre Complex, Cuffe Parade, Mumbai - 400 005. Phone: 22174040, Fax: 22184222
E-mail: webmaster@iba.org.in website : www.iba.org.in