Reserve Bank of India to bring out charter on consumer rights

CHENNAI: The RBI is working towards bringing out a charter on consumer rights to curb instances of ponzi and online lottery schemes, a senior Bank official said here today.

"There has been large instances of online lottery scam asking people to pay service charge in order to release large sum. Unfortunately, quite a few consumers do fall prey to it", Reserve Bank of India Executive Director, Umashankar Paliwal, said.

He was speaking at a two-day conference on Consumer Product Safety, organised by Consumer Association of India, here.

It was inaugurated by United States Consul General, Phillip Min.

Paliwal said a large number of people who were victims of such scams had sought RBI action against such companies.

Appealing to people not to fall prey to such schemes, he said Reserve Bank was working on Charter on Consumer Rights.

"Basically, this Charter covers such as Right to Fair Treatment, Right to Transparency, Fair and honest dealing, Right to Suitability, Right to Privacy, Right to Grievance Redress and Compensation to the consumers", he said.

"Boards of Banks will be passing that charter and we will be monitoring it", he said.