📝 One-liners · 66 cards
CONSUMER PROTECTION
What is the primary legislation governing consumer protection in India's banking sector?
The Consumer Protection Act, 2019 is the primary legislation governing consumer protection, replacing the earlier 1986 Act and broadening the definition of consumer and scope of remedies.
What is the maximum compensation a customer can claim under the RBI Integrated Ombudsman Scheme 2021?
Rs. 20 lakh for loss and Rs. 1 lakh for mental agony
Which regulatory body is responsible for consumer protection in Small Finance Banks?
The Reserve Bank of India (RBI) is the primary regulator responsible for consumer protection in Small Finance Banks, enforcing guidelines through the Banking Regulation Act and its own circulars.
What is the pecuniary jurisdiction of the State Consumer Disputes Redressal Commission under the Consumer Protection Act, 2019?
Complaints above Rs. 1 crore up to Rs. 10 crore
🔒
Unlock 66 revision one-liners
Interactive flashcard deck — flip every card to drill questions and answers, mark the ones you got wrong, and revise smarter for CONSUMER PROTECTION.
🪙
Unlock cost
300 coins
30-day access · re-unlocks free for 30 days