RBI receives most complaints about ATM / Debit / Credit cards
Updated: Oct 23, 2013 05:11:01pm
New Delhi, Oct 23 (KNN) Banking Ombudsman offices of the Reserve Bank of India receive the most number of complaints relating to ATM / Debit and Credit cards.
In a presentation during RBI’s mission visit to Banque de France, titled ‘Financial Education and customer protection,’ RBI has shown that majority of the complaints received at the BO offices have to do with ATM/Debit/Credit Cards, followed by fair practices, failure on commitments and pension.
Other complaints are about notes and coins, remittance, deposits, loans and advances for housing, etc and recovery agents.
In 2012-13, the BO offices had received as many as 70,541 complaints of which 93 per cent were disposed.
The goals of RBI’s efforts towards financial education are to empower clients with knowledge of Product features / processes/precautions, Regulatory stipulations, Bank commitments - Standards and codes; and Recourse to internal and external redress mechanisms etc.
To bridge the demand-supply gap – Financial education and financial services must be made available, RBI said.
Although India has the 7th largest geographical area in the world with the 2nd highest population (1.2 billion), there is a low level of general literacy and there are a large number of financially excluded people.
Further, about 50 per cent population until 2007-08, did not have a deposit account; less than 15 per cent had availed credit from banks; and less than 10 per cent had insurance of any kind.
The need for financial education is therefore immense.
The presentation also pointed to the inadequate supply response – 30,000 branches for half a million village, and one branch for 16,000 persons, while going on to highlight measures taken to address the issue, and mentioning present efforts. (KNN/ES)
In a presentation during RBI’s mission visit to Banque de France, titled ‘Financial Education and customer protection,’ RBI has shown that majority of the complaints received at the BO offices have to do with ATM/Debit/Credit Cards, followed by fair practices, failure on commitments and pension.
Other complaints are about notes and coins, remittance, deposits, loans and advances for housing, etc and recovery agents.
In 2012-13, the BO offices had received as many as 70,541 complaints of which 93 per cent were disposed.
The goals of RBI’s efforts towards financial education are to empower clients with knowledge of Product features / processes/precautions, Regulatory stipulations, Bank commitments - Standards and codes; and Recourse to internal and external redress mechanisms etc.
To bridge the demand-supply gap – Financial education and financial services must be made available, RBI said.
Although India has the 7th largest geographical area in the world with the 2nd highest population (1.2 billion), there is a low level of general literacy and there are a large number of financially excluded people.
Further, about 50 per cent population until 2007-08, did not have a deposit account; less than 15 per cent had availed credit from banks; and less than 10 per cent had insurance of any kind.
The need for financial education is therefore immense.
The presentation also pointed to the inadequate supply response – 30,000 branches for half a million village, and one branch for 16,000 persons, while going on to highlight measures taken to address the issue, and mentioning present efforts. (KNN/ES)
Loading...
