Over promising and under delivery is not going to work anymore for the Indian Finance industry. There is concrete evidence that the Indian consumer is becoming wiser or at least, less submissive.
The data released by Banking Ombudsman tells us that RBI received 11% more complaints in 2014-15. Most of these complaints were against banks. A significant percentage of the complaints (about 30%) were related to not meeting commitments or not observing the fair practices code.
The second most commonly stated complaint was in relation to credit cards. This increase could be a result of the various activities RBI organises to spread awareness about the ombudsman scheme.
What should you do?
Be aware of your rights as a consumer of financial products. But beyond awareness you must make it a habit to read documents that come with any financial purchase. A lot can slip by unnoticed simply because of our laziness. Do your research before buying financial products and don’t blindly follow what the sales agent tells you.
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