CONSUMER PROTECTION
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Small Finance Bank — Small Finance Bank.
One-liners from this chapter
Free sample — 8 of 66 rapid-fire Q&A cards.
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
What is the Banking Ombudsman Scheme and who can approach it?
The Banking Ombudsman Scheme is an RBI-initiated quasi-judicial mechanism for resolving customer complaints against banks. Any individual, including SFB customers, can approach the Ombudsman if their complaint is not resolved within 30 days by the bank.
What is the pecuniary jurisdiction of the National Consumer Disputes Redressal Commission under the Consumer Protection Act, 2019?
Complaints above Rs. 10 crore
What is the time limit for a bank to resolve a customer complaint before the customer can escalate to the Banking Ombudsman?
A customer must wait 30 days after filing a complaint with the bank before approaching the Banking Ombudsman, if no reply is received or the reply is unsatisfactory.
What is the full form of SCORES in the context of investor and consumer protection?
SEBI Complaints Redress System
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