The Banking Codes and Standards Board of India, BCSBI, has stipulated customer rights, which public and private banks have committed to provide to their customers.
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.
They also have to reveal terms and conditions for loans, credit cards.
Central Information Commission has held that funding from RBI makes an institution is adequate to make it accountable under RTI.
Banks have been facing wrath from the Reserve Bank of India, judiciary, governments and public on their debt recovery practises.
The RBI is thinking of a model code of conduct for banks, to ensure customer rights in line with the earlier charter it had framed in this regard.
India's forex reserves recently declined by $704 million to $354.517 billion.
The framework governing customer protection should consist of fairness and transparency of rule.
There is a huge gap in service charges on other factors such as penalty on cheque return.
The most difficult case for the consumer is when your card is cloned and used online.
The Reserve Bank of India (RBI) is planning to introduce plastic currency notes as an experiment in five cities.
Absence of comprehensive data protection and privacy laws will be barriers in the government's digitalisation drive.
If RBI's recommendations are finalised, it will give more teeth to the existing fair practice code
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