Chapter 4 Banker and Customer Relationship 4.1 Introduction Before we take up relationship that exists between a banker and his customer, let us understand the definitions of the term banker and customer. Termination of Bank-Customer relationship The relationship of a bank and its customers is one which is rooted in contract and, along with relevant legislation and regulations e.g. But unless the evidence of insanity is fairly conclusive, the banker's wisest course would appear to be to treat the customer as sane in so that the banker is not held liable for damages for wrongful dishonor. Bankers authority to pay cheques is revoked by notice of insanity. Banker and Customer Relationship Customer: In general any individual/organization who maintains account with the bank is treated as a customer. The Banking Act; it is this contract which governs not only the operation of the account but its termination. Since banker-customer relationship is contractual, the bank will not honour cheques and can close the account after receiving notice about the insanity of the customer and receiving a confirmation about it through medical reports. The Lunacy of a Customer terminates the relationship between banker and a customer.
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