The Hindu Business Line : SBI codifies lending policy

IN a bid to refine standards of customer service and transparency, the country's biggest bank, State Bank of India, has codified the principles governing its lending policy.

The code is underpinned by eight important declarations, whereby the bank has said it will offer retail lending in a professional manner, will not discriminate on the basis of religion, caste and sex and be fair and honest in advertising and marketing of loan products, said a press release.

The bank has also declared that it will provide customers with accurate and timely disclosure of terms, costs, rights and liabilities as regards loan transactions. It will also provide assistance or advice to customers if sought by them in contracting loans, spread general awareness about potential risks in contracting loans.

It will encourage customers to take independent financial advice and not act only on representations from banks, the release added.

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