The Reserve Bank of India today placed on RBI website. (www.rbi.org.in), a draft Charter of Customer Rights comprising five basic customer rights and explanatory notes on each right for public comments. The draft Charter of Customer Rights to deal with entities regulated by the Reserve Bank, has been framed based on global best practices of consumer protection as also discussions and interaction with various stakeholders. The Charter spells out the rights of the customer and also the responsibilities of the financial service provider.

Specific and actionable comments may be emailed or sent by post to the Chief General Manager, Customer Service Department, Reserve Bank of India, Central Office, 1st Floor, Amar Building, Sir P. M. Road, Mumbai-400001 on or before September 22, 2014.

It may be recalled that Paragraph 30 of the First bi-monthly Monetary Policy Statement (2014 - 15) announced on April 1, 2014, stated that “Consumer protection is an integral aspect of financial inclusion. The Reserve Bank proposes to frame comprehensive consumer protection regulations based on domestic experience and global best practices.” The draft charter for customer rights has been prepared in accordance with this announcement.

Ajit Prasad
Assistant General Manager

Press Release : 2014-2015/394