CERC NEWS – CA – OCT 2014
- Posted by CERC India
- Posted in monthly
CERC suggests sixth right in RBI Charter of Customer RightsThe Reserve Bank of India (RBI) has prepared a Charter of Customer Rights and invited comments and suggestions. CERC has submitted its comments and suggested a sixth right. The five rights in the RBI charter are: (i) Right to Fair Treatment (ii) Right to Transparency, Fair and Honest Dealing (iii) Right to Suitability (iv) Right to Privacy and (v) Right to Grievance Redress and Compensation.
In addition CERC made the following comments:
â€¢ The financial services provider must ensure that staff members attend to customers and their business promptly, courteously and honestly.
â€¢ The financial services provider should make every effort to ensure that the contracts or agreements it frames are transparent, fair and not unilateral.
â€¢ All marketing and promotional material sent to the customer should be clear and not misleading. This should include any misleading claims made in advertisements.
â€¢ Customers should know what makes them eligible for certain products and what disqualifies them.
â€¢ Customerâ€™s private information should not be disclosed by the financial services provider to any companies with which it has tie-ups for third party product sale.
â€¢ An officer should be assigned with the responsibility of handling complaints in each branch or office.