Govt may announce FRA in Budget, forum to deal with plaints of all financial services providers

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Govt may announce FRA in Budget, forum to deal with plaints of all financial services providers
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, ET Bureau
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Synopsis

India’s existing consumer redressal system is fragmented and overseen by sectoral regulators such as the Reserve Bank of India (RBI) for banks and the Insurance Regulatory and Developmental Authority (Irda) for insurance-related grievances. The government is of the view that this fragmented regulatory architecture leads to inconsistent treatment of both consumer complaints and micro-prudential regulation.

Agencies
Once this is stabilised, it would look into complaints against financial service providers regulated by the Securities and Exchange Board of India (Sebi) as well as retail complaints handled by the RBI and the Banking Ombudsman.

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1 Comment on this Story

Srikanth Charan39 minutes ago
At least these sectors have fragnented regulators. How about Health care and Hospitals? They neither have regulation nor regulator. look at this sector first.