Critical Analysis of consumer protection in the financial sector

Registration ID: IJNRD_189274

Published ID: IJNRD2303422

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ASHISH CHANDRA

financial sector, consumer rights, consumer protection, banks, &services.

During the past three decades, the financial industry in India has been subjected to numerous fast reform measures. In response to the market forces of demand and supply, India's financial markets have seen significant transformations in the post-reform era. Deregulation efforts have been initiated by the regulatory agencies with the hope that the market will straighten up any anomalies. After the 2008 Global Financial Crisis, several economies have recognised the significance of consumer protection in financial services. Financial Sector Legislative Reforms Commission (FSLRC) was established in India to manage market volatility. Consumer Protection in the financial services sector is crucial. There should be no consumer complaints owing to false information or asymmetrical regulations and rules. Unfortunately, the Consumer Protection Act of 1986 in India has a little portion of the pie reserved for financial services, while the rest of the pie is reserved for products and services. This paper discusses the Consumer Protection Framework in the Financial Services & Sector and the reasons why such a framework must be enhanced. The study identifies a number of significant observations that are incorporated into the research findings.

Published Paper   E-Certificate

ASHISH CHANDRA (March-2023). Critical Analysis of consumer protection in the financial sector. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 8(3), e174-e188. https://ijnrd.org/papers/IJNRD2303422.pdf

Volume 8 Issue 3, March-2023

Pages : e174-e188

Paper Reg. ID: IJNRD_189274

Published Paper Id: IJNRD2303422

Downloads: 000122025

Research Area: Other

Author Type: Indian Author

Country: Ahmedabad, Gujarat, India

Published Paper PDF: https://ijnrd.org/papers/IJNRD2303422.pdf

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