Cabinet nod for new Consumer Protection Bill likely today

The Cabinet is likely to approve on Wednesday a new Consumer Protection Bill 2015, that seeks to replace the existing law and proposes setting up a regulatory authority to curb unfair trade practices. "The Cabinet is scheduled to meet on Wednesday. The Consumer Protection Bill, 2015, is on the agenda," sources said. After the Cabinet approval, the Consumer Affairs Ministry is aiming to introduce the bill in the ongoing monsoon session of Parliament. The new bill, which will repeal the 29-year-old Consumer Protection Act, seeks to create a Consumer Protection Authority on the lines of the US and European countries for fast-tracking redressal of consumer grievances.

Business Standard, New Delhi, 29th July 2015

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RBI deputy governor cautions fintech platform lenders on privacy concerns during loan recovery

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The Reserve Bank of India’s Deputy Governor Swaminathan J on Friday instructed the directors of small finance banks (SFBs) to be vigilant and proactive in identifying emerging risks in the sector.Speaking at a conference for directors on the boards of SFBs, Swaminathan highlighted the role of governance in guiding SFBs towards sustainable growth with stability. He also emphasised the importance of sustainable business models.Additionally, he highlighted the need for strengthening cybersecurity to protect the entities against digital threats and urged for a stronger focus on financial inclusion, customer service, and grievance redressal to ensure a broader reach of banking services.Executive Directors S C Murmu, Rohit Jain, and R L K Rao, along with other senior officials representing the Supervision, Regulation, and Enforcement Departments of the RBI, also participated in the conference. - Business Standard 30 th September, 2024

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