from 1975 to 1987 , inflation rate increased in the third world countries approximately by
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from 1975 to 1987 , inflation rate increased in the third world countries approximately by
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10 LESSON 10 BANK CUSTOMER RELATIONSHIP: CONCEPT AND CASES
LESSON 10
BANK CUSTOMER RELATIONSHIP: CONCEPT AND CASES
Dr. Ashish Kumar
LBSIM
The relationship between a banker and a customer depends on the activities; products or services provided by bank to its customers or availed by the customer. Thus the relationship between a banker and customer is the transactional relationship. Bank’s business depends much on the strong bondage with the customer. “Trust” plays an important role in building healthy relationship between a banker and customer.
Definition of a ‘BANKER’
The Banking Regulations Act (B R Act) 1949 does not define the term ‘banker’ but defines what banking is? As per Sec.5 (b) of the B R Act “Banking' means accepting, for the purpose of lending or investment, of deposits of money from the public repayable on demand or otherwise and withdrawable by cheque, draft, order or otherwise."
As per Sec. 3 of the Indian Negotiable Instruments Act 1881, the word “banker includes any person acting as banker and any post office savings bank”.
According to Sec. 2 of the Bill of Exchange Act, 1882, ‘banker includes a body of persons, whether incorporated or not who carry on the business of banking.’
Sec.5(c) of BR Act defines "banking company" as a company that transacts the business of banking in India. Since a banker or a banking company undertakes banking related activities we can derive the meaning of banker or a banking company from Sec 5(b) as a body corporate that:
(a) Accepts deposits from public.
(b) Lends or
(c) Invests the money so collected by way of deposits.
(d) Allows withdrawals of deposits on demand or by any other means.
Accepting deposits from the ‘public’ means that a bank accepts deposits from anyone who offers money for the purpose. Unless a person has an account with the bank, it does not accept deposit. For depositing or borrowing money there has to be an account relationship with the bank. A bank can refuse to open an account for undesirable persons. It is banks right to open an account. Reserve Bank of India has stipulated certain norms “Know Your Customer” (KYC) guidelines for opening account and banks have to strictly follow them. In addition to the activities mentioned in Sec.5 (b) of B R Act, banks can also carry out activities mentioned in Sec. 6 of the Act.
Library PortalOthersContact UsAlumniPlacement Cell
HomeCoursesUndergraduate CoursesB.A.(Program)Part-3Discipline CoursesBanking & InsuranceBooks with Text to SpeechBanking
Banking & Insurance
Banking

10 LESSON 10 BANK CUSTOMER RELATIONSHIP: CONCEPT AND CASES
LESSON 10
BANK CUSTOMER RELATIONSHIP: CONCEPT AND CASES
Dr. Ashish Kumar
LBSIM
The relationship between a banker and a customer depends on the activities; products or services provided by bank to its customers or availed by the customer. Thus the relationship between a banker and customer is the transactional relationship. Bank’s business depends much on the strong bondage with the customer. “Trust” plays an important role in building healthy relationship between a banker and customer.
Definition of a ‘BANKER’
The Banking Regulations Act (B R Act) 1949 does not define the term ‘banker’ but defines what banking is? As per Sec.5 (b) of the B R Act “Banking' means accepting, for the purpose of lending or investment, of deposits of money from the public repayable on demand or otherwise and withdrawable by cheque, draft, order or otherwise."
As per Sec. 3 of the Indian Negotiable Instruments Act 1881, the word “banker includes any person acting as banker and any post office savings bank”.
According to Sec. 2 of the Bill of Exchange Act, 1882, ‘banker includes a body of persons, whether incorporated or not who carry on the business of banking.’
Sec.5(c) of BR Act defines "banking company" as a company that transacts the business of banking in India. Since a banker or a banking company undertakes banking related activities we can derive the meaning of banker or a banking company from Sec 5(b) as a body corporate that:
(a) Accepts deposits from public.
(b) Lends or
(c) Invests the money so collected by way of deposits.
(d) Allows withdrawals of deposits on demand or by any other means.
Accepting deposits from the ‘public’ means that a bank accepts deposits from anyone who offers money for the purpose. Unless a person has an account with the bank, it does not accept deposit. For depositing or borrowing money there has to be an account relationship with the bank. A bank can refuse to open an account for undesirable persons. It is banks right to open an account. Reserve Bank of India has stipulated certain norms “Know Your Customer” (KYC) guidelines for opening account and banks have to strictly follow them. In addition to the activities mentioned in Sec.5 (b) of B R Act, banks can also carry out activities mentioned in Sec. 6 of the Act.
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