Unified redressal agency in financial sector

The budget has a proposed a series of initiatives to move India from a pension-less society to a pension society.

Finance Minister Arun Jaitley has shown lots of concern for the common man.

The budget has a proposed a series of initiatives to move India from a pension-less society to a pension society.

It is indeed a laudable endeavour. The Finance Minister’s sympathy for the common man is evident at many places in its budget speech.

Consider this one move. The budget plans to establish a set up a common redressal agency in the field financial sector. This will be a sector-neutral agency. This entity will address grievances against all financial service providers - be it banks, insurance firms, broking outfit et al. “A properly functioning capital market requires a proper consumer protection,” said Mr. Jaitley in his budget speech.

With this in mind, he has announced the setting up of a task force to establish a sector-neutral redressal agency. Well, this is an era of convergence.

More often than not a single entity provides a host of services. Surely, the move for a unified grievance redressal agency will go a long way in instilling confidence in ordinary consumers.