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COPRA,1986• Consumer means any person who buys

any goods or services for a consideration either partly or fully paid or partly or fully promised or both includes any beneficiary of goods or services other than the person who paid consideration but does not include a person who avails such services for a commercial purposes.

COMPLAINT

Should be in writing

If unfair or restrictive trade practices is adopted by the service provider (Bank)

Service suffers from defect

Charging excessive price as displayed or agreed to

Hazardous to life and safety of the public when used

OTHER FEATURES OF COPRA

• Informing the other party

• Asking their version in the matter within 30 days

• If denied by the other party, the District Forum proceeds further

• Appeal within 30 days to State Commission

• Claim up to Rs.20.00 lac

• State Commission for amount above Rs.20.00 lac to Rs.1.00 crore

• National Commission for amount above Rs.1.00 crore

• Appeal to National Commission within 30 days of verdict by aggrieved party

• Appeal to Supreme Court within 30 days from the date of verdict by NC

• Decision within 03 months from the date of admission of complaint

• Appeal to be disposed within 90 days

• Non-compliance of decision attracts punishment minimum 01 month to 03 years imprisonment or fine minimum Rs.2000/ to Rs.10000/- or both.

• Frivolous or vexatious complaint may be dismissed and complainant may be ordered to pay the cost to opposite party Maximum Rs.10000/-

• Complaint to be lodged within 02 years from the date of cause of action

• On each appeal, 50% of the decreed amount to be deposited with the appellate authority or Rs.25000/-, Rs.35000/- & Rs.50000/-.

RIGHTS OF CUSTOMER

• BANKING CODES & STANDARDS BOARD OF INDIA

• Opening of accounts• Information on interest rates, fees , charges ant

tariffs• Terms and conditions of a service or product.• Changes to be advised within 30 days and the

customer can close the account within 60 days

• Privacy and confidentiality of informations

• Collection of bank’s dues with courtesy, fair treatment and persuasion

• Complaints, grievances and feed back

• Recourse to Ombudsman

• Account to be closed within 05 working days of receiving the instruction

• Account transfer within 02 weeks

• Minimum 30 days notice , if the bank wants to close the customer’s account at its own

• Shifting or closer of a branch to be advised at least 03 months in advance or 02 months in advance.

• Payment of balance in the accounts of deceased account within 15 days from the date of submission of papers.

• Having details of cheques collection policy of the bank

• Stop payment facility

• Standing instruction on the accounts

• Pre mature withdrawal of deposits, loan facility in case of term deposit accounts

BANKING REGULATION ACT,1949

• Section 17:-Minimum 20 % of profit to be transferred to reserve fund before declaring dividend by a banking company.

• Sec.19:- Restriction on holding shares of any company for amount not exceeding 30 % of its own Paid up Capital+Reserves or 30 % of the company’s paid up capital, whichever is less.

BR ACT1949(contd)

• Sec20: No loan against its own shares

• Sec23: RBI’s prior permission before opening any new branch

• Sec24: SLR to be maintained by the banks

• Sec26: Return on unclaimed deposits for more than 10 years within 30 days from the end of a calendar year

• Sec45ZA to 45ZF:Nomination facility

RBI ACT,1934

• Sec31: Restriction on drawing a DD payable to bearer on demand

• Sec42: CRR at discretion of RBI 22/06/06• Sec49: Announcement of bank rates, The

standard rate at which RBI is prepared to buy or rediscount bill of exchange or commercial papers eligible for purchase.

• Sec58(b): Penalty for drawing a DD payable on demand

SBI ACT,1955

• Sec34: SBI will not acquire any immovable property except for the purpose of providing buildings or other accommodation

• Sec45: No provision of law relating to the winding up of companies shall apply to SBI

• Regulation3- Shares of SBI are movable properties

SBI ACT,1955 (Contd)

• Reg 61: Defines indebtness, loan or advance, relatives, specified securities

• Reg65: Employee not to grant loan or advance to himself

• Reg66: Employee not to grant loan to his/her relatives

• Reg80: The seal of SBI

INDIAN CONTRACT ACT 1872

• Sec11: Minors, lunatics are incompetent to enter into any contract

• Sec25(3): An agreement without consideration is void unless it is a promise to pay a time barred debt

• Sec68: Advances to minors for necessities of life(quasi contract) are valid contracts

• Sec124: Defines Indemnity

INDIAN CONTRACT ACT,1872

• Sec126: Defines guarantee

• Sec128: Surety’s liability is co-extensive

• Sec130: A continuing guarantee may be revoked by the surety as to future transactions by notice to the creditor

• Sec131: Death of surety revokes a continuing guarantee for future transactions

INDIAN CONTRACT ACT,1872

• Sec134: Discharge of surety by release or discharge of principal debtor by account of omission of the creditor

• Sec140: Rights of surety on payment or performance: he is invested with all the rights which the creditor has against the principal debtor

• Sec133: Any variance made without the surety’s consent in terms of contract discharges the surety

INDIAN CONTRACT ACT,1872

• Sec151: Bailee is bound to take reasonable care of goods bailed to him

• Sec190: An agent cannot generally delegate his authority

• Sec201 Termination of agency on the death or insolvency or insanity of the principal

• Sec202: Agency is not terminated where agent himself has an interest in the property which forms the subject matter of agency

INDIAN PARTNERSHIP ACT,1932

• Sec19: Each partner is an accredited agent to the firm and other partners

• Sec20: Partners by contract can extend or restrict the implied authority of a partner

• Sec25: Every partner is liable jointly with all other partners & severally for all the acts done by the firm while he is a partner

• Sec30: A minor may be admitted only to the benefits of a partnership

INDIAN PARTNERSHIP ACT (contd)

• Sec42: Dissolution of partnership firm on the happening of death/ insolvency/insanity of a partner

• Sec68: Registration of a partnership is optional

• Sec69: Effects of non-registration of the firm

INDIAN PARTNERSHIP ACT,1956

• Sec11: Prohibition of associates and partnerships exceeding 10 for firms carrying on the business of banking & 20 for firms carrying on any other business

• Sec125(1)(d): Charge created on the assets of a company should be registered within 30 days of its creation

• Sec130(3): A search in registrars office regarding existence of prior charge over the company’s assets should be made before granting advances to a company

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INDIAN COMPANIES ACT,

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