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Create unified financial redress agency to resolve customer grievances: RBI

According to the report, the FRA should be present in every district in India

January 08, 2014 10:48 IST | India Infoline News Service
The Reserve Bank of India (RBI) committee on Tuesday said that the government should form a unified financial redress agency (FRA) to resolve customer grievances relating to financial products and services.

"A unified FRA be created by the Ministry of Finance as a unified agency for customer grievance redress across all financial products and services which will in turn coordinate with the respective regulator," the committee said in its report on financial inclusion.

According to the report, the FRA should be present in every district in India where customers can register their complaints over the phone, using text messages, the Internet, and with the financial services provider directly, who should then be required to forward them to the redressal agency.


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