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CERC NEWS – CA – OCT 2014

  • Posted by CERC India
  • Posted in

CERC suggests sixth right in RBI Charter of Customer Rights

The 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.
CERC has proposed inclusion of the ‘Right to be Protected Against Fraudulent Transactions’ as the sixth right in the charter. As fraudulent transactions are on the rise, consumers have started feeling insecure about their funds in banks. When fraud is reported, banks come up with a standard answer that the customer must have disclosed his PIN and password to others. Banks should not shirk responsibility in such cases.

In addition CERC made the following comments:

• The financial services provider must ensure that staff members attend to customers and their business promptly, courteously and honestly.

• The financial services provider should make every effort to ensure that the contracts or agreements it frames are transparent, fair and not unilateral.

• All marketing and promotional material sent to the customer should be clear and not misleading. This should include any misleading claims made in advertisements.

• Customers should know what makes them eligible for certain products and what disqualifies them.

• Customer’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.

• An officer should be assigned with the responsibility of handling complaints in each branch or office.

CERS files petition against Adani Power

CERS has filed a petition before Gujarat Electricity Regulatory Commission (GERC) against Adani Power Ltd (APL) for arbitrarily shutting down six units of its plant situated at Mundra. APL stopped supplying 2000 MW of power to Gujarat Urja Vikas Nigam Ltd (GUVNL) with whom it had signed Power Purchase Agreement (PPA) to supply electricity for 25 years @ Rs. 2.35 per unit.
Due to this arm twisting by APL, GUVNL has to purchase power from gas based plants which costs Rs. 4 per unit more than power received from APL. This has put additional burden of Rs. 2.12 crore/day on electricity consumers of Gujarat. CERS has demanded imposition of penalty under Section 142 of the Electricity Act and recovery of additional amount paid by GUVNL for purchase of power from gas based plants.

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