Skip to main content

RBI releases Draft Charter of Customer Rights

23082014
PHD Research Bureau
To sunitag@phdcci.in
Today at 1:08 PM



RBI releases Draft Charter of Customer Rights

The Reserve Bank of India released the draft charter of customer rights relating to fair treatment, transparency in contracts/agreements, suitability of products, privacy, and grievance redress and compensation. It may be noted that, the Charter spells out the rights of the customer and also the responsibilities of the financial service provider.

Ø      Right to Fair Treatment: Both the customer and the financial services provider have a right to be treated with courtesy. The customer should not be unfairly discriminated against on grounds such as gender, age, religion, caste and physical ability when offering and delivering financial products.

Ø      Right to Transparency, Fair and Honest Dealing: The financial services provider should make every effort to ensure that the contracts or agreements it frames are transparent, easily understood by and well communicated to, the common person. The product’s price, the associated risks, the customer’s responsibilities and the terms and conditions that govern use over the product’s life cycle, should be clearly disclosed. The customer should not be subject to unfair business or marketing practices, coercive contractual terms or misleading representations. Over the course of their relationship, the financial services provider cannot threaten the customer with physical harm, exert undue influence, or engage in blatant harassment.

Ø      Right to Suitability: The products offered should be appropriate to the needs of the customer and based on an assessment of the customer’s financial circumstances and understanding.

Ø      Right to Privacy : Customers’ personal information should be kept confidential unless they have offered specific consent to the financial services provider or such information is required to be provided under the law or it is provided for a mandated business purpose (for example, to credit information companies). The customer should be informed upfront about likely mandated business purposes. Customers have the right to protection from all kinds of communications, electronic or otherwise, which infringe upon their privacy.

Ø      Right to Grievance Redress and Compensation: The customer has a right to hold the financial services provider accountable for the products offered and to have a clear and easy way to have any valid grievances redressed. The provider should also facilitate the redress of grievances stemming from its sale of third party products. The financial services provider must communicate its policy for compensating mistakes, lapses in conduct, as well as non-performance or delays in performance, whether caused by the provider or otherwise. The policy must lay out the rights and duties of the customer when such events occur.

The Reserve Bank of India is seeking comments from the public/stakeholders on the draft charter of customer rights on or before September 22, 2014.

Comments

Popular posts from this blog

Assembly Elections 2017  Uttar Pradesh  (403/403) Punjab  (117/117) Goa  (38/40) Party Lead Won Total SP+INC 38 28 66 BJP + 193 119 312 BSP 10 10 20 RLD 00 01 1 Others 03 01 4 Party Lead Won Total SAD+BJP 01 16 17 INC 04 74 78 AAP 00 20 20 BSP 0 0 0 Others 00 02 2 Party Lead Won Total BJP 02 12 14 INC 01 13 14 AAP 0 0 0 MGP + 00 03 3 Others 00 07 7 Uttarakhand  (70/70) Manipur  (60/60)   Party Lead Won Total INC 04 07 11 BJP 15 42 57 BSP 0 0 0 UKD 0 0 0 Others 01 01 2 Party Lead Won Total INC 09 16 25 BJP 06 18 24 AITC 0 01 1 NPF 01 03 4 Others 02 04 6  
Discipline Virat can win WCC JUNE 24, 2019 Monsoon in day reach Lucknow Pranati- win the bronze medal M7.3 Earthquake – Banda Sea https://sagarmediainc.com/ INVITATION | LAUNCH OF “SWACHH MAHOTSAVA” CELEBRATIONS BY SH. GAJENDRA SINGH SHEKHAWAT, UNION MINISTER, JAL SHAKTI | 3.45 PM , MONDAY, 24 JUNE | VIGYAN BHAWAN, DELHI Invitation for a discussion on “Emergency: Darkest Hour in Indian Democracy” : S Gurumurthy, Chairman, VIF & Dr A Suryaprakash, Chairman, Prasar Bharti on Monday, 24th June 2019 17.30 NMML Invitation _Dr. Prabha Ravi Shankar_“G.A. Natesan (1873-1949): ‘Old and Dear Friend’ of Mahatma Gandhi”_24 June 2019_3.00pm  CPR and CSH are pleased to invite you to a workshop on ‘Whims of a Digital Boss: The Story of Insecure App-Based Workers in Delhi’ Speaker:  Akriti BhatiaTuesday, 25 June 2019, 3:45 p.m. Centre for Science and Humanities (CSH), 2, Dr APJ Abdul Kalam Road, (formerly Aurangzeb Road) What are the Priorities ...

China communist party congress to open Nov.8

China's Communist Party to convene its National Congress on November 8th. Vice President Xi Jinping is expected to assume the top leadership.On Friday the party's Political Bureau decided the date of the meeting, held once every 5 years. During the meeting, Vice President Xi Jinping will likely replace President Hu Jintao. Many other top leaders are also expected to be replaced.Experts are interested in what policies the new leadership will lay out for the 5 years until the next national congress. Economic policy is a source of interest as China needs to ensure social stability amid a slowing economy. This year the announcement of the schedule was delayed for about a month. Analysts attribute the delay to the time-consuming process of selecting new leadership members.Too point to the punitive measures against former Chongqing City party head Bo Xilai. He was stripped of his party membership on Friday. Communist Party has still to disclosed how long the congres...