Rights And Duties Of Banker And Customer Pdf

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rights and duties of banker and customer pdf

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Relationship between a banker and customer

We think you have liked this presentation. If you wish to download it, please recommend it to your friends in any social system. Share buttons are a little bit lower. Thank you! Published by Gwenda Shepherd Modified over 5 years ago. The many rights and duties of a banker and of a customer will be explored.

The relationship between a banker and a customer depends on the type of transaction. The term banking may define as accepting of deposit of money from the public for the purpose of lending or investing investment of that money which are repayable on demand or otherwise and with a draw by cheque, draft or order. A person who has a bank account in his name and for whom the banker undertakes to provide the facilities as a banker is considered to be a customer. On the opening of an account, the banker assumes the position of a debtor. A depositor remains a creditor of his banker so long as his account carries a credit balance.

Duties and liabilities of banker

PDF This paper in relation to the concept of rights and duties of bankers towards their respective customers. Right to interest 3. Right to set -off. View Lecture 4 Rights and Duties of a banker 1. The rights and responsibilities of a bank to their customers are as follows: Banks right to their customers i To charge a reasonable commission for services ii Rights to return irregular instruments ii Right to return cheques exceeding authorized overdraft. The researcher want to find out how banks charges commission to their customers.

The relationship that arises between banker and customer, in conducting, various businesses involve certain obligations and rights on the banker as well as the customer. Image: Obligations of Bankers towards Customers. It is a statutory obligation of the bank, having sufficient funds of the customer to pay cheques duly drawn and presented. A bank will be forced to compensate the customer for any loss or damage caused by its default. The bank will be forced to pay exemplary damage to the customer.

Rights And Duties Of A Banker Pdf

Mastering Banking pp Cite as. In Great Western Railway v. London and County Banking Co.

The Law Relating to Bank-Customer Relationship: Some Salient Duties of Banks

Obligations of Bankers towards Customers

Rights and Duties of Banker and Customer It is very difficult to live without a bank account as it is required for many things. In this blog, we will discuss the rights and duties of bankers and customers. Every bank in India has the right to charge interest on the loans and advances sanctioned to customers. Interest is usually charged monthly, quarterly, semiannually or annually. Along with interest, banks also have the right to levy a commission and service charges for the services rendered. The service rendered by the bank might be SMS notification service, retail banking and so on.

This article is written by Abhinav Anand , a student pursuing B. LLB Hons. This article deals with the relationship between the banker and the customer. The relationship between a Banker and a Customer is based on trust. It is an effective banking system that paves the way for the proper growth of the economy. Customers avail different kinds of services from the bank.

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Relationship between Banker and Customer

3 Comments

  1. Menqui V. 18.06.2021 at 12:29

    Bankers, also known as Retail Bankers, interact with clients on a daily basis by assisting with services such as setting up checking and savings accounts, authorizing loans, and moving money.

  2. Coralie R. 21.06.2021 at 15:25

    Right to charge interest. Right to levy commission and service charges. Right of Lien. The Right of Set-off. Right of Appropriation. Right to Close the Account. Right to fair treatment. Right of transparent, fair and honest dealing.

  3. Arnold G. 22.06.2021 at 08:52

    Banker accepts the deposits from the customer with an obligation to repay it to him by way of honoring the cheques drawn upon the banker.