RBI Governor Das requests banks to enhance grievance handling mechanisms, promote consumer protection, and improve fraud detection.
RBI Governor Das urged banks and financial institutions to improve grievance handling mechanisms. He cited gaps in regulated entities' systems and procedures and emphasized customer-centric approaches and consumer protection. The RBI highlighted the need for fair pricing, transparency, avoiding mis-selling, and strong monitoring systems to detect frauds, protect customer data, and enhance public trust in the financial system.
March 15, 2024
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