Abstract

Banks are viewed as important components of an economic growth of the country in present era. There are many different types of relationships between the bank and the consumer depending on the type of transaction wherein these relationships are contractual in nature and are dependent on confidentiality. In comparison to most other service providers, the relationship between a bank and its customer is distinct from those of most other service providers in a number of significant ways. The existing paper highlights the general and specific relationship between a bank and customer in detail accompanied by various other miscellaneous banker-customer relationships are being discussed in this research paper. The rights and obligations of both bankers and customers as well as the difficulties in the form of challenges confronted by both parties is analyzed in the research paper. Recognizing the customers thoughts and concerns is one of the first stages to providing a great customer experience. In the current paper, some general tips for improving bank and customer relations are covered. The Indian banking system operates in accordance with the Reserve Bank of India's directives. The methodologies used by banks should be designed to improve customer service, and they should regularly assess these systems effects on customer service. In addition, this research paper discusses the Scheme of Banking Ombudsman, which has been created with the goal of facilitating the settlement of grievances connected to the delivery of banking services and settling disputes between a bank and its customers. Thus, it can be concluded that the relationship between a bank and its customers is fundamental to the banking system's smooth operation in India, where banks are regarded as the country's foundation because of their position as a catalyst for economic progress.

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