Wednesday, March 24, 2010

Financial Literacy and Customer Care

Gone are the days of Directives, Controls and Regulations.  Thanks to Financial Sector Reforms and outcome of various Customer Service Committees,  not only the players like Banks, Financial Institutions, NBFCs, Stock Exchanges, but even the regulators like RBI, SEBI, IRDA, Ombudsman etc are showing concern for Customer Care and Financial Education.  New Generation Banks like YES Bank is aggressive in the market speaking about its Knowledge Banking and Inclusive Banking products in recent times.

During eighties, there used to be advertisements for bank products and services released by Joint Publicity Committee for all the PSBs together.  Today, each and every bank is releasing colourful, information, and interactive advertisements to win the customers.  Interestingly, the Reserve Bank of India which used to be like an Iron Curtain over a decade back, is pro-customers.  One may visit their website ( to find about Financial Education they are engaged in.  RBI has uploaded adequate information in 14 Indian languages to reach the customer with banking information.  Even youngsters are also enticed with stories and colourful cartoons all about money and banking services. 

National Commodity & Derivatives Exchange Ltd., (NCDEX) also is issuing simple but colourful advertisements in bullet points regarding DOs in Commodity Trading.  How nice it is?  Insurance Regulatory and Development Authority (IRDA - has also been pro-active in caring the customers and disseminating all about Insurance industry in its advertisements in News Papers and Magazines.  LIC and General Insurance Corporations like New India, United, Oriental Insurance Companies are keeping the customers informed of the various services and benefits from time to time.  Ombudsman of Banks and Insurance Companies keep appearing in the news paper advertisements with all the facilities on offer.  Grievance Redessal appears to be on the top of the agenda of all these organisations.

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