18 July 2016
It is time to come out and say it openly. Dr Raghram Rajan’s tenure has been a big disappointment when it comes to consumer services of banks. Indeed, the Reserve Bank of India (RBI) framed a wonderful consumer charter during his tenure; but that was in August 2014. The charter that mandated banks to treat consumers fairly remains toothless, since RBI gave them until July 2016 to frame their own rules and self-punishment (if any) for lapses and failures.