A Study On Consumer Rights And Consumer Protection In Commercial Banks In Thoothukudi District

Abstract

Banks plays a critical role in the economic development of the country; the financial health of banking industry highly depends upon the fiduciary relationship between banks and customers. Customer protection in banking plays a vital role in stabilising this relationship by embedding confidence among customers The Reserve Bank of India being India’s Central bank and Regulatory Body has taken plenty of initiatives to protect and safeguard consumer’s interest, curtailing the exploitation and misleading customers by banks. To empower the customers of Indian Financial Sector, RBI has taken many initiatives and incorporated various departments to establish a transparent banking system. All banks are directed to formulate and redesign their consumer policies highlighting these rights. This paper is focuses on studying the various initiatives by RBI for Consumer Protection and Rights, analysing its awareness among consumers and the extent to which consumers rights is protected in public and private sector banks with reference to Thoothukudi District.