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GOVERNMENT OF INDIA
MINISTRY OF FINANCE
LOK SABHA
UNSTARRED QUESTION NO: 2920
ANSWERED ON:  02.12.2016
RBI Norms for Protecting Consumers
UDIT RAJ
Will the Minister of



FINANCE be pleased to state:-


(a) whether the Reserve Bank of India (RBI) has finalised the norms / guidelines for protecting the consumers from being cheated by entities which are regularised by the RBI; and

(b) if so, the details thereof along with the number of cases of cheating by such entities detected / reported during the last three years?


ANSWER
The Minister of State in the Ministry of Finance


(a): Reserve Bank of India (RBI) has issued guidelines on Para-banking activities by banks which inter alia cover sale of insurance products, mutual funds, portfolio management services by banks. Ensuring Customer Appropriateness and Suitability, Transparency and Disclosures, robust internal grievance redressal mechanism are some of the aspects covered under these guidelines. RBI has also released the Charter of Customer Rights as broad, overarching principles for protection of bank customers.

(b): The 16 Offices of Banking Ombudsman handle complaints on deficiency in banking services listed in the Banking Ombudsman Scheme. The issue raised under complaints on cheating by entities regulated by RBI is not covered directly under the Banking Ombudsman Scheme. However the Offices of Banking Ombudsmen do get complaints of this nature which are dealt with based on the regulatory instructions in place and the provisions of the Banking Ombudsman Scheme. RBI has also informed that as this is not a specific ground of complaint under the Scheme, no data on complaints handled by the Offices of Banking Ombudsmen on these issues is available.
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