The economic survey released, this year points out that the banks are not passing on the interest rate benefits to borrowers

The RBI has contemplated establishing consumer redressal cells in banks exclusively for complaints on loan sanctioning

There is over all increase in complaints against Banks services. The internal ombudsman system advised in each banks, have either not been setup, or not functioning effectively. A study on the consumer grievance redressal machinery in all nationalized and private banks will reveal many pit falls in the system, which can be set right either by RBI or by suitable orders from the Ministry of Consumer Affairs.

Though digital payment has come to play a leading role in money transactions, still many consumers have not opted for the system

1. A study can be conducted among lower income groups who are denied bank loans for want of income certificates telling them that the digital payments may bring them under a “Credible Source” since the digital records will stand testimony for their financial stability.

2. Rural consumers can be educated after conducting a study on their mobilisation of resources, and how this new methodology will help them.

3. We can inform consumers as to how this system will put an end to black money in the market.

4. Digital payment in educational institutions will help reduce corruption.

Courtesy: RBI

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