Reserve Bank Of India [RBI] — retail banking grievances

Address:

560003

Introduce myself, I and my wife have very small SB A/c with your branch and following are the details of my SB A/c for your reference -
Name : Sharad Shah - M - 65 Yrs - SB A/c No.: [protected]
Name : Bharati S Shah - F - 62 yrs - SB A/c No.:[protected]
The A/c are with your branch 25-26, 3rd Main Road, Margosa Road 10th Cross, Bangalore 560003 with IFSC No.: KKBK0008056.
The SB A/c are pretty small as both o[censored]s are Sr.Citizen with no other activity. My Wife Bharati S Shah has a FD asset with the branch for Rs.15 lacs only which is a peanut ofcourse for the banking branch and I have no asset with the branch. We are too small and having understood our small status, we have never asked for any favour with the branch on any occasion including the Demonetisation period which you can check from the banks statement. We have zero, absolutely zero debt not only with your branch but with any bank or finance system.
Yesterday, 12th March 2018 at around 11.45 am me and wife went to the branch to request for a locker facility. We were well recieved and had discussion with the Operting Officer in charge of locker. We were informed by the officer that they do have a spare small locker but there would be certain terms we need to fulfill and on requesting to know the terms, we were informed that Kotak Banks Life Insurance division have to fulfill their fund target and hence if we agree to invest in Kotak Bank Life Insurance in any of their preferred scheme, we might be given the locker facility with regular terms like annual charges, linking SB A/c towards a minimum balance cost etc.. On request to know more about the Life Insurance shceme, we were explained various schemes out of which we suggested to opt for Assured Return and requested to know more details on the same. The officer explained that we need to invest 50, 000 which would be a long term commitment and hence locked until maturity period and on maturity we would be credited with an amount as mentioned as Maturity Value in the certificate. On agreeing to invest 50K, we were requested to follow up with Desk Incharge and approaching him for documentation and various details, we were informed that the investment we are committing is not 50K but it is 50K to be invested every year for next 10 years with a lock in term.
We were surprised that inspite of a request we made to the officer that please explain the small astrix alphabets which we are unable to read, we got misguided on the scheme but probably it was out illateracy and not the officers mistake. But the officer was not very clear in his explanation for sure. We then refused to invest in the scheme sighting our age and both o[censored]s being jobless with no income would never commit for a term investment more specifically as we were Sr.Citizen. We were
informed that in that case the locker facility would not be provided to us. We apologised the officer and staff to have taken their time and left the branch.
NOW I JUST NEED TO UNDERSTAND CERTAIN BANKING TERMS IF YOUR OFFICE WOULD BE ABLE TO HELP ME TO UNDERSTAND -
1. DOES KOTAK LIFE OPERATES THROUGH KOTAK BANK BRANCH FACILITY WITH PHYSICAL STAFF AND DOCUMENTATION ALL BEING DONE BY THE BANKS BRANCH. DO THE RETAIL BANKING BRANCH IS PROVIDED COST BY THE KOTAK LIFE FOR PROVIDING THESE FACILITIES AND THE STAFF EMPLOYED AT THE RETAIL BANKING BRANCH ARE PAID BY KOTAK BANK ENTITY OR KOTAK LIFE ENTITY.
2. IS IT NOT THAT A RETAIL BANKING BRANCH IS LOOSING ITS CUSTOMER RELATIONSHIP BY FORCIBLY OR INSISTING TO THEIR RETAIL CLIENT TO INVEST FOR SCHEMES OF KOTAK LIFE TO AVAIL FACILITIES WHICH ARE IN FACT PROVIDED BY RETAIL BANKING BRANCH AND NOT KOTAK LIFE.
3. DOES THE OFFICER AT RETAIL BANKING BRANCH IS MADE TO UNDERSTAND THAT WOULD IT BE POSSIBLE TO SANCTION LOANS OF 5.0 LACS TO SR.CITIZEN ON A 10 YEAR TERM AND IF NOT, THEN WOULD HE EXPECT THE CLIENT WHO IS A SR.CITIZEN TO INVEST ON A LONG TERM PLAN.
4. KEEPING A LOCKER EMPTY WITHOUT ALLOTING TO ANY ONE IS A CASH LOSS TO THE BRANCH WHICH I WOULD UNDERSTAND AS A COMMERCIAL LOSS FOR THE BRANCH.
I hope to have your guidance and advise on my above requests which will help ilaterate people like us to understand the small * with unreadable terms. This will help us in avoiding the Retail Banking System before approaching RBI or Finance Secretary or Insurance Regulatory.
With Warm regards - Sharad Shah, Bangalore, India
[protected]@gmail.com : +[protected]