Customer protection should be the highest priority of all financial institutions. It is vital for the overall financial stability, Reserve Bank of India Deputy Governor Anand Sinha said here today.
“Consumer protection is not only important to attract more people into the fold of the financial system, but also vital for maintaining financial stability of the economy,” Sinha said at the Financial Planning Congress organised by the Financial Planning Standards Board of India here.
He said there should be appropriate changes in legislation to empower the central bank to take measures to improve the level of consumer protection. “Issues relating to management of banking institutions and secrecy of consumer information, among others, should be addressed in the legislative process,” he added.
