Make It Even More Helpful - Moneylife

Make It Even More Helpful - Moneylife


Is There Fear of Regulator’s Intervention?

This is with regard to “When Banks Cheat Customers” by Sucheta Dalal. Mis-selling is very common with almost all private sector banks and, by any chance, if some customers take up the issue, they silence them by either refunding their investments or consoling them with some excuses, apolo-gies and regrets. The fact of the matter is that the banks intentionally indulge in such mis-selling taking advantage of either customers’ ignorance or patience and incompetence to fight for their right and get redress. Some well-informed customers take up the issue with the banking ombuds-man or the Securities and Exchange Board of India or the Reserve Bank of India and they may or may not be getting a favourable response. However, the fact remains that the regulators have failed to prevent banks from indulging in such activities and cheating customers. The fear of regula-tors’ intervention and taking disciplinary action against wrongdoings has been missing. This is the reality and, from this angle, the approach of Moneylife to expose such wrongdoers is commenda-ble.
Gopalakrishnan TV  
II. Perhaps, Moneylife needs to bring this to the notice of banking ombudsman (BO), Kolkata (, at least, to know if the issue was brought to BO’s notice and whether that office has any view on the episode. This will also indicate the problems that customers will face. The business of banking has changed over time. Multiple-tasking by banks without the skills or, at least, the willingness to be honest in dealings, is an area where ‘regulators’ and ‘supervisors’ will have to warn the public about the consequences. 
MG Warrier


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