Discussion
RBI will be monitoring banks on issues pertaining to customer rights in which areas?
Answer: D
Correct answer: All of the above
All three are among the customer rights the RBI monitors, drawn from the Charter of Customer Rights it adopted in 2014.
The right to privacy protects a customer's information from disclosure or use without consent; the right to fair treatment and transparency requires banks to deal without discrimination and to disclose terms clearly; and the right to suitability requires that a product sold be appropriate to the customer's circumstances. The last was a direct response to the mis-selling of insurance and investment products through bank branches.
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