The Indian Bank❜s Association (IBA) has drafted and circulated a voluntary code, which sets the standards for fair practice standards when dealing with individual customers. As per the RBI Guidelines for Credit Cards, we have adopted and will implement this Code in our organization.
This is a voluntary document. In the Code, you denotes the credit card customer and we denotes the credit card issuer i.e. BOB Financial Solutions Limited. The standards of the Code are governed by the four key commitments detailed in section 2.
Unless stated otherwise, all parts of this Code apply to all the credit card products and services, whether we provide them across the counter, over the phone, on the internet or by any other method.
Commitments outlined in this Code are applicable under normal operating environment. In the event of force majeure, we may not be able to fulfill the commitments under this Code.
Our key commitments to you are that we promise to:
2.1 Act fairly and reasonably in all our dealings with you by:
2.2 Help you to understand how our credit card products and services work by giving you the following information in a simple language or a language as understood by you:
2.3 Deal quickly and effectively with your queries and complaints by:
2.4 Publicize this Code, by making it available for public access on our website and make copies available for you on request.
2.5 We will not discriminate on the basis of age, race, gender, marital status, religion or disability. However, it will not preclude us from instituting or participating in schemes framed for different sections of society.
2.6 Giving information on the facilities provided to you and how you can avail of these and whom and how you may contact for addressing your queries.
Credit Card is a service via a plastic card with certain credit/cash facility, which allows you to pay for goods and services or to withdraw cash.
3.1 Before you become a credit card customer, we will:
3.2 While you apply for credit card, we will explain the relevant terms and conditions such as fees and interest charges, billing and payment, renewal and termination procedures and any other information that you may require to operate the card.
3.3 We will advise you of our targeted turnaround time while you are availing / applying for a product / service.
3.4 We will send a service guide/member booklet giving detailed terms and conditions, interest and charges applicable and other relevant information with respect to usage of your credit card along with your first credit card.
3.5 We will advise you our contact details such as contact telephone numbers, postal address, website/e-mail address to enable you to contact us whenever you need to.
3.6 If you do not recognize a transaction, which appears on your credit card statement, we will give you more details if you ask us. In some cases, we may need you to give us confirmation or evidence that you have not authorized a transaction.
3.7 We will inform you, through our service guide / member booklet of the losses on your account that you may be liable if your card is lost / misused.
3.8 We will provide you regular updates on how to use our product through website and mailers.
4.1 You can find our schedule of common fees and charges (including interest rates) by
4.2 When you become a customer, we will provide you information on the interest rates applicable on your credit card and we will charge the same to your credit card account, if applicable.
4.3 If you ask us, we will explain how we apply interest to your account.
4.4 Changes in our tariff: When we change our tariff (interest rate or other fees/charges) on our credit card products, we will update the information on our telephone helpline/website.
5.1 Field Personnel Our sales representatives will identify themselves when they approach you for selling card products. We have prescribed a code of conduct for our Direct Selling Agents (DSAs) whose services we may avail to market credit card products. In the event of receipt of any complaint from you that our representative has engaged in any improper conduct, we shall take appropriate steps to redress the complaint
5.2 Telemarketing If our telemarketing staff/agents contact you over phone for selling any of our credit card products or with any cross sell offer, the caller will identify himself/herself and advise you that he/she is calling on our behalf.
We will treat all your personal information as private and confidential (even when you are no longer a customer). We will not reveal transaction details of your accounts to a third party, including entities in our group, other than in the following four exceptional cases when we are allowed to do
|Credit Card Customers||Response Time|
|Level email@example.com||5 working days|
|Level firstname.lastname@example.org||next 4 working days|
|Level email@example.com||next 3 working days|
The escalation shall be automatic as per above time frame and it shall be responsibility of the escalated authority to escalate the matter to next higher authority as per above matrix, in case the issue could not be resolved at the end of the defined timelines. C.The customers shall be promptly communicated once his/her issues are resolved. D. The Company shall ensure that the staff handling customer complaints is trained adequately to competently handle all customer queries/complaints. However, in case the grievance of the card customer is not Redressed within 60 days from the date of reporting of grievance, the cardholder may approach the Banking Ombudsman appointed by the Reserve Bank of India under Banking Ombudsman Scheme 2002.
You may terminate your credit card by giving notice to us and by following the procedure laid down by us in our service guide/ member booklet after clearing outstanding dues, if any. We may terminate your credit card, if in our opinion, you are in breach of the cardholder agreement.
Please provide feedback on our services. Your suggestions will help us to improve our services.
14. This code will be reviewed once every year or earlier in case of any changes in laws and regulations (as may be applicable) and the review will be undertaken in a transparent manner.