ETHICAL ISSUES IN BANKING

Ethics is defined as a general idea ot belief that influences people's behaviour and attitude. Also, it is the "study of general nature og morals and of specific moral choices, more philosophy and the ruled of standard governing the conduct of thr members of a profession"
From the above definition of ethics, we can say that ethics is the fundamental ways of people's conduct that concern the determination of right or wrong. That is, ethics has to do with knowing what is good and doing it.
Banking code is necessary to improve the quality of banking services and make best use of available resources. Now that banks are competing to achieve the same objective, profit maximization, bank code is needed to prevent unfair competition between banks. A code of ethics is necessary to regulate a banks relationship with other banks, institutions and with its customers and employees, customer and other banks.
Some general principles of ethics that should be considered in banking service are as follows :
INTEGRITY : When performing their duties, baks should br honest in their relationship with their customers, employers, shareholders other groups Institution and corporations.
HONESTY : Banker must be sincere and truthful, he must honour agreement reached with the customers on whatever interest charges on loans and advance granted.
TRANSPARENCY: Bank customer should be informed of any right and obligations, benefits and risks of the services or product offered and the procedure followed. Services charged and other charges should be disclosed to the customer.
MORAL RESPONSIBILITY: In banking profession, a moral responsibility is to be maintained, moral responsibility is the principles of right and wrong behavior that is expected from a person. Customers deposit their valuable properties and money with the bank because they believe that the bank has a strong safe anf expertise on keeping other people's valuables and always ready to return such valuables on demand.
FAIRNESS : Bank employees and customers should be treated equally.
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