Banking Policy Guide
To gain a practical perspective on the existing banking practices and policies in India in this project, an empirical study of five separate and diverse banks has been conducted. The forms, policy documents, and other relevant and available documents of these banks have been analysed in this project.
These documents were obtained from the websites of the respective banks, and wherever they were lacking, from the branches of the banks themselves. Attempts were made to obtain any information required for the project that was not available on the website or in the forms from the officers of the respective banks.
The State Banks of India (hereinafter ‘SBI’), Central Bank of India (hereinafter ‘CBI’), ICICI Bank (hereinafter ‘ICICI’), IndusInd Bank (hereinafter ‘IndusInd’) and Standard Chartered Bank (hereinafter ‘SCB’) are the banks chosen for this project. As mentioned, these banks have been chosen to ensure a diverse sample pool. SBI is an Indian public multinational bank, CBI is an Indian public bank and it is not multinational, ICICI is an Indian private and multinational bank, IndusInd is an Indian private bank which isn’t multinational, and SCB is a British bank operating in India.
The forms and other documents of each of the banks have been compared against a template of twenty nine questions created from the nine principles given in Justice A.P. Shah Group of Experts’ Report on Privacy.
The two services provided by these banks that have been analysed are Opening an Account and Taking out a Personal Loan. This comparison has been done keeping in mind the obligations of the banks under the Master Circular and the KYC Norms detailed in it, Code of Conduct, and the Rules under Section 43A of the IT Act. Attempts have been made to clarify the basis of the response as much as possible. An analysis of the obligations of the banks is present below, along with an explanation of the relevance of various parts of the two services that are analysed.
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