E-banking a right, more safety for depositors
The RBI has significantly bolstered consumer protection. Digital banking access is now a basic entitlement for Jan Dhan and no-frills account holders, with a framework review planned. Depositor safety is enhanced as DICGC shifts to risk-based premiums. Furthermore, the internal ombudsman mechanism is strengthened, empowering them to award compensation and directly address grievances, ensuring robust financial redressal.
The RBI has significantly bolstered consumer protection. Digital banking access is now a basic entitlement for Jan Dhan and no-frills account holders, with a framework review planned. Depositor safety is enhanced as DICGC shifts to risk-based premiums. Furthermore, the internal ombudsman mechanism is strengthened, empowering them to award compensation and directly address grievances, ensuring robust financial redressal.
