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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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