Grievance Redressal in the Indian Financial Regulatory Space: The Unified Approach
Retail consumer protection has always been one of the guiding factors for financial regulation in India. Access to a simple and effective consumer grievance redressal mechanism has been considered vital in this pursuit of consumer protection. The financial sector regulation in India has witnessed a major reform with the conceptualization of the Indian Financial Code (IFC) based on the recommendations of the Financial Sector Legislative Reforms Commission (FSLRC). The setting up of the Financial Redressal Agency (FRA) that would serve as a one-stop redressal machinery spanning all the financial entities in India has been the upshot of the recommendations of the FSLRC. The present study provides a narrative on the case for setting up of the FRA by synthesizing the extant literature in the nature of policy reports. The findings of this paper may serve to provide the base for further thought on the subject of unified financial regulation.
KeywordsRetail consumers Consumer Protection Grievance Redressal FRA Regulatory framework
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