How safe is our personal data with banks and relationship managers?

POSTED BY Vikas S ON March 25, 2011 11:08 am COMMENTS (4)

Greetings!

I am Vikas, third year student of commerce from Mumbai. These days’ people are complaining about banks and relationship managers, who constantly chase and call their customers to buy some or the other financial product. In fact, even if you have a loyal customer of one bank, other relation ship managers calls to sell their products, where they exactly know how much have you invested and what you portfolio is.

One of my aunt, recently applied for SBI bonds. After few days she received a call from a person posing as SBI official and asked few questions related to the bonds. He also asked her e-mail id. Later, she was shocked to know that he had sent her details of other financial product.

Also, relationship managers from ICICI bank called her and informed her she has received some bonds even before it was reflected in her demat account. When she asked, how he got know her demat account details, the RM replied saying that, “Since I am our RM, I can see”

Such instances are so shocking. Can anyone help me out to know, whether these RMs really have the authority to see their clients profiles and personal details? If yes, this is such a breach of privacy.

In case of SBI bonds, where complaint can be launched? Is it the registrar or the transferor?

Do these relationship mangers of one bank sell their data to another bank?

 

Does anyone have any such similar expericne? Please share.

There are few articles on the net, about the shocking tales where customers were harassed in buying some or the other products? (http://www.moneylife.in/article/wake-up-call-for-regulators/13262.html)

Please reply.

 

 

 

4 replies on this article “How safe is our personal data with banks and relationship managers?”

  1. Atul says:

    Hi Vikas,

    Ethics is always issue with Bank staff. Either they do for money sake or sheer pressure.

    You cannot leave your money in bank and think its safe.

    Regards

    Atul

  2. Agreed they can not make transactions on your behalf, but you can be their target for other financial products which may not suit to your portfolio.

    You can receive many unwanted promotional call/EMails from banks or their other associates regarding their financial products.

    Rest of the information is secured, or else you can file a case against them in such cases.

  3. Ramesh says:

    I suppose all your bank information like contact details and other money details stuff (except your PIN, password), etc are readily available to your relationship manager and the bank manager.

    So what?

    They cannot transact on your behalf. They can only do so if you give a signed form / application about that.

    Ethically and legally, they cannot divulge this information to other non-authorised people (and to people outside the bank). If they do so, there is a case for the banking ombudsman.

    There will always be people who will sell data (they canbe relationship managers or they can be the in-between data operators).

    There will be people who will try to sell you schemes. The only way is to educate yourself and do not fall in trap. Always remember- nothing is “free” and control your greed. If it is too good to be true, mostly it wont be true.

  4. Vikas

    Relationship managers indeed have the total idea of how much money do you have in your bank account and for how long it is lying idle there , thats how they can target customers can tell me “See , you can buy this investment product and let your money earn” . Mostly they know that you have money so you will be “interested” .

    I am not sure if this much of privacy can be breached by them , may be its there in the “Rules” on the forms when you signed those documents with bank while opening the accounts .

    Does any one else have any idea ?

    manish

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