Concerned over the rise in mis-selling of products by banks and non-banking financial companies (NBFCs), the Reserve Bank of India (RBI) is examining whether to come up with norms to curb such practices. Observing that pushing financial products, such as insurance, indiscriminately to unaware consumers may be detrimental to their well-being, RBI Deputy Governor M Rajeshwar Rao said, "We are examining whether it necessitates framing of guidelines to address mis-selling of financial products and services by REs (regulated entities)."
'In this age of competition, we will not survive long if we do not provide quality service to our consumers'
In 2023-2024, 95 scheduled commercial banks received over 10 million complaints from their customers. The process of KYC at many banks has become 'HYC' -- harass your customer, points out Tamal Bandyopadhyay.
Health insurance claims are often denied due to exclusions in policy terms. Buyers frequently overlook the fine print or misinterpret clauses.
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health and auto insurance related queries.
Insurance Ombudsmen are officials, who can solve all your insurance related woes and queries in an efficient and effective manner. Here's how to make the most of this dispensation.
Sanjib Jha, CEO, Coverfox Insurance Broking, answers your health and auto insurance related queries.
Is your insurance company taking you for a ride by delaying or repudiating in settling your claim? You need not spend sleepless nights now. The Insurance ombudsman office will take care of the problem.
The Supreme Court appointed its former judge, Justice D K Jain, as the first court-appointed ombudsman for the Board of Control for Cricket in India.
AICTE has directed technical institutes and universities to appoint ombudsmen to address student grievances faster. Is this a good move?
On the eve of the second meeting of the joint Lokpal Bill drafting committee, social activist Anna Hazare's supporters held a rally across India on Sunday demanding early implementation of a strong Ombudsmen legislation.
A day after the Uttar Pradesh Lokayukta recommended his dismissal on charges of owning disproportionate assets, Chief Minister Mayawati on Wednesday sacked Secondary Education Minister Rangnath Misra and Labour Minister Badshah Singh, who too is under the scanner of the anti-graft ombudsmen. Cracking the whip, the chief minister has also ordered a vigilance inquiry against the two ministers. Both the ministers have been asked to fight the graft cases in court.
Borrowers wanting to prepay home loans can look forward to some relief as RBI on Tuesday indicated that it would scrap prepayment penalties charged by banks.
Market regulator Securities and Exchange Board of India said on Friday it has no plans to abandon the ombudsman scheme.
The Reserve Bank of India would appoint Ombudsman Serving Officers in addition to ombudsmen already functioning at different centres in the country to redress complaints, especially regarding credit cards.
The hike in service charges by commercial banks has come under the Reserve Bank of India lens.
One may now not have to wait to get their insurance claims redressed.
Since no insurance companies share data on their claims with each other, the finance ministry and Irdai suspect that a lot of the resultant claims are duplicates.
At a meeting with airline chief executive officers and top officials here, the Civil Aviation Ministry also decided to amend Aircraft Act and Rules to safeguard the interests of aircraft leasing companies, many of which have started imposing stringent conditions for leasing planes to Indian carriers in the aftermath of Kingfisher Airlines shutting down.
Eradication of corruption, free healthcare, basic amenities, education for every student including computers literacy, formed the 12-point election manifesto of the Lok Satta Party for the general and Andhra Pradesh Assembly elections.
It would be a good idea to create independent oversight committees for each regulatory institution and indeed, even for their appellate bodies, says A K Bhattacharya.
Laggards in international rankings, India finally made their presence felt by pulling off an impressive under-17 World Cup that drew all-round praise even though the country was eliminated in the very first round.
In opaque, complicated markets like real estate, its best to stay away from generalisations.
Your vote now is going to decide whether India fixes itself and becomes a vibrant democracy, or a failed State like the ones in our neighbourhood, says Dasarathi G V.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances