reserve Bank of India
As banking has become easier in the digital world, the risks for customers have also increased. Be it money disappearing from the account or being harassed day and night by loan recovery people, the common man often struggles with these problems. But now the Reserve Bank of India (RBI) has geared up to protect the interests of the customers. While presenting the monetary policy, RBI Governor Sanjay Malhotra has made three big proposals which can bring major changes in the banking sector. You will get its benefits directly.
The bank will compensate in case of fraud,
The biggest thing is that if any small online fraud happens to you, now you will not have to suffer any loss. RBI is preparing a new framework under which a maximum compensation of up to Rs 25,000 will be given to customers in ‘small value fraud transactions’. This simply means that if a small amount is withdrawn from your account in an unauthorized manner, there will be a fixed arrangement to compensate for it.
Along with this, it is often seen that banks or financial institutions give incomplete information to the customers and promote wrong loan, insurance or investment products. In banking language this is called ‘mis-selling’. RBI is now bringing strict draft guidelines to control this. Now no bank employee will be able to forcibly sell you any product by engaging you in talks.
The hooliganism of recovery agents will end
The behavior of recovery agents when loan installments are missed has often been a matter of discussion and concern. Many times complaints of intimidating or mentally harassing customers come to the fore. RBI has taken this issue seriously. According to the new rules, putting unethical pressure on customers for loan recovery will be completely unacceptable.
The central bank is now reviewing all existing instructions on the appointment of recovery agents and their working methods. Its purpose is to implement uniform and strict rules, so that the honor of any defaulter is not played with. This step will increase the responsibility of banks and will provide a fear-free environment to the customers.
Treasury doors open for small traders and loan takers
Not only security, RBI has also taken care of the progress of the common man and small businessmen. The limit of unsecured loans for small and medium enterprises (MSMEs) has been doubled. Earlier this limit was Rs 10 lakh, which is now proposed to be increased to Rs 20 lakh. With this, small businessmen will be able to easily get capital to expand their work.