Software updation in Banks

Software updation in Banks Banking plays a very crucialrolein the financial life of any person or any business. Importance of banks can be s

Ankita Khetan

Sep 21, 2017

Last update on Sep 21, 2017

Software updation in Banks

Bankingplays a very crucialrolein the financial life of any person or any business. Importance of banks can be seen from the very fact that it is considered as the life-blood of modern economy.

They act as intermediary,custodian in thefinancial system. Although there is no direct wealth creation through Banks, but their essential activities facilitates the process of production, exchange and distribution of wealth. This way Banking system plays a vital role in theprocess of economic development and growth of Nation.software updation in banks

Even in this digitized era,BANKS ARE NOT IN A POSITION to convey their customers about the benefits they are eligible on attainment of certain age.

There are certain specific benefits linked to senior citizen; One needs to personally visit thebanks to understand these benefits on attainment of the senior age.
On attaining majority i.e. 18 years of age, a very few banks invite their customers to explain that theirguardian will not be allowed to operate their account. And for this they need tocomplete a due process before a cut off datefor smooth continuation of this account in future.

It came to notice during discussion with bank employee that large number of banks are either not in a position to keep track over this on their own or are not following this practice and to safe guard their position they freeze such bank accounts when the fact comes to their notice.

There are certain specific benefits which widows are entitles to get, butmost of the banks convey these benefits only upon inquiry. Whereas the banks should adopt the practice of providing a letter with detailed information viz. effective date, privileges etc. (Note: Just after it comes to notice or after receiving intimation ofdemise) which banks will provide along with necessary compliance required on part of the customer.

In view of above all banks should introduce these without wasting further time, if necessary software can be modified suitably for the benefit of not only for customers but also in their interest too.

This article has been shared byG D Binani from Bikaner,Rajasthan.For any further queriesthe author can be contacted on[email protected] or +917976870397 /+919829129011.