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30Th Aug 2016
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| RBI (The Total Investment & Insurance Solutions) |
The Reserve Bank of India (RBI) will train
its focus on "mis-selling" of insurance products by banks to their
customers and also see whether new regulations are needed for protection of
banking customers, Governor Raghuram Rajan said. The Total Investment & Insurance Solutions
In his foreword to RBI's annual report for
2015-16, released on Monday, he said as more institutions and technologies
bring more people into the financial system, the RBI has to make sure they are
adequately informed and protected. The
Total Investment & Insurance Solutions
Referring to the code - Charter of Customer
Rights - that banks had to follow in dealing with the customers, brought out by
RBI in 2015, Rajan said the banks were asked to appoint an internal ombudsman
to monitor grievance redressal process.
"We now will examine how banks are
faring, and whether further regulations are needed to strengthen consumer
protection. In particular, we will focus this year on the issue of mis-selling,
especially of insurance products," he said. The Total Investment & Insurance Solutions
Complaints are heard from life insurance
policyholders against banks for mis-selling of policies.
"We will also focus on enhancing our
communication with the broader public, with a view to informing them on what
they need to do to take best advantage of financial opportunities, as well as
protecting themselves," Rajan said.
The Total Investment & Insurance Solutions
He said the RBI will work to enhance
grievance redressal procedures, both within the financial institutions, and if
the customer is still unsatisfied, subsequently through the RBI's ombudsman
scheme.
Rajan said the grievane redressal mechanism
in the rural areas as well as to the weaker sections of the society will be
strengthened.The Total Investment &
Insurance Solutions
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