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CONSUMER PROTECTION IN INDIAN BANKING SYSTEM

By Mayank Singhal


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Abstract
It goes without saying that the present-day consumer is very vigilant about his rights, and this vigilance is not just restricted to goods and their usage, but has expanded to services as well. Banking services are not left untouched by these as well. It is the duty of the banking professionals that the consumers are treated with utmost importance and their rights be maintained. However, in the recent times, the various frauds and scams have highlighted the cracks and crevices in the banking infrastructure. In such a scenario, the trust and belief of the customers has largely been affected and the different policies adopted by the banks need a relook to avoid such scams and ensure that the interest of the customers is not compromised. Hence the need for consumer protection in the banking sector has gained due prominence in the recent times.
This paper will effectively deal with the history of the banking sector reforms, analysing their efficacy as per the changing times and thereby drawing a parallel between the legislations concerning the banking sectors as well as the Consumer Protection Act. As we know, very recently the Consumer Protection Act was amended and at a time where the world is looming with the threat of COVID-19, digitization has occupied prominence. Hence the protection of rights of consumers in digital domain also becomes important and thus the Indian Banking Sector needs a revamp to secure the rights and interests of the banking customers to uphold their sanctity.
Keywords
Consumer protection, banking sector, Reserve Bank of India, rights of consumers.

TypeResearch Paper
InformationLex Humanitariae: Journal for a Change, Volume II issue IV, Pages 427-435
ISSN 2582-5216
Creative CommonsThis work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
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