Module: General Practice
Q10: According to the RBI guidelines on responsible business conduct, for how long must a bank store the explicit consent records of a customer?
✅ Correct Answer: D
The correct answer is for a minimum of one year from the date the contract for that product ends.
Good ways to get this clear agreement include physical or digital signed papers, one-time passwords, or recorded digital approvals.
Also, if a bank uses one single form to offer many different products or services, they must list each one separately.
They have to give the customer the choice to pick only the products they want without forcing them to take extra ones they do not want.
Good ways to get this clear agreement include physical or digital signed papers, one-time passwords, or recorded digital approvals.
Also, if a bank uses one single form to offer many different products or services, they must list each one separately.
They have to give the customer the choice to pick only the products they want without forcing them to take extra ones they do not want.
🧠 Real-World Scenario:
Imagine a Customer takes a 5-year car loan and finally pays it all off in 2026. Suddenly, in 2027, there is a legal dispute about an extra fee the customer allegedly agreed to back in 2021.
According to the rules, they can force the bank to produce the exact digital signature or OTP record. This means the bank cannot delete proof of consent until at least one full year after the entire loan contract has ended.