Reserve Bank of India on August 22nd, 2014 placed a draft Charter of Customer Rights comprising of five basic customer rights and explanatory notes 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.
Draft charter of Customer Rights comprises of the following basic customer rights:
- Right to Fair Treatment
- Right to Transparency, Fair and Honest Dealing
- Right to Suitability
- Right to Privacy
- Right to Grievance Redress and Compensation.