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Consumer protection, Enhanced Consumer Awareness, The Role of the Banking Ombudsman in Consumer Protection, Current Contributions, Challenges and Limitations, Recommendations for Enhancing Effectiveness

Enhancing Consumer Protection through the Banking Ombudsman Scheme: Current Contributions and Future Directions

The Banking Ombudsman Scheme, established by the Reserve Bank of India (RBI), is a critical mechanism for resolving customer complaints against banks. This paper aims to delve into how the scheme cont...

Enhancing the Effectiveness of RBI's Customer Rights Charter, Enhanced Consumer Awareness, Stricter Enforcement Mechanisms, Empowering Consumer Redressal Forums, Inclusive Design of Financial Products, Regular Review and Update of the Charter, Collaboration Between Stakeholders

Enhancing the Effectiveness of RBI's Customer Rights Charter

The Reserve Bank of India's (RBI) Charter of Customer Rights marks a significant step towards protecting consumers in the Indian financial sector. However, while the charter lays a solid foundatio...