Transforming grievance redressal

World Consumer Rights Day, observed annually on March 15, is a global event.

- Saptarshi Roy Bardhan

In 1985, the United Nations adopted the UN Guidelines for Consumer Protection, reinforcing global efforts to prioritize consumer welfare. India followed suit with the Consumer Protection Act in 1986. This legislation enshrines six fundamental consumer rights:

Right to Safety

Right to Information

Right to Choice

Right to Be Heard

Right to Seek Redressal

Right to Consumer Education

While these rights apply universally to all consumers purchasing goods or services, they are particularly crucial in the banking, financial services, and insurance (BFSI) sector, which primarily deals with money. Rampant mis-selling, fraud, and systemic flaws continue to plague the market, causing significant financial and opportunity losses. Vulnerable investors, customers, and account holders often bear the brunt of these losses.

Against this backdrop, the Annual Conference of the RBI Ombudsmen, organized by the Reserve Bank on March 17, 2025, aims to raise awareness about consumer rights and needs.

Addressing Consumer Grievances

In his inaugural address, RBI Governor Shri Sanjay Malhotra emphasized the importance of improving consumer services. He remarked, “We need to improve consumer services not only because it is our duty but because it is in our best interest. In this age of competition, we will not survive long if we do not provide quality service to our consumers.”