The Reserve Bank of India, constituted a committee to look into the problems of household finance and to bench mark India’s position vis a vis both poor countries and advanced countries.

The committee chaired by Dr. Tarun Ramadurai, professor of financial economics at the university of Harvard, with members from IRDAI, SEBI, PFRDA, apart from the RBI, met at Mumbai on 7th April they wanted Consumers Association of India to make a presentation with their suggestions on

1. Bench marking the depth of household finances

2. Evaluation of household demands

3. Assessing new financial products

Consequent to this invitation MRK attended the committee meeting and made the presentation. Talking on the subject “Consumer issues” in household finance. He made a presentation detailing the following

1. The present scenario on savings by rural/ urban consumers

2. The unregulated chit schemes and MFI’s

3. Need for consumer education and enforcing the right to information

4. Effective consumer redressal

5. Functioning of insurance companies

6. Need for periodical consumer meets in all financial institutions.

7. Introduction of mediation processes in each branch of financial institutions.

8. Financial companies to have services motto instead of acting as corporate

The presentation was followed by questions from other committee members on,

1. How consumer education can be done

2. How institutions can reach rural consumers.

3. What is to be done for effective consumer redressal

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