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Financial Services.Pdf INDIAN INSTITUTE OF PUBLIC ADMINISTRATION (IIPA) National Consumer Helpline The Indian Institute of Public Administration, established as an autonomous body under the Registration of Societies Act, was inaugurated on March 29, A Ready Reckoner 1954 by Shri Jawaharlal Nehru who was the first President of the Society. The basic purpose of establishing this Institute was to undertake such academic activities as would enhance the leadership qualities and managerial capabilities Deepika Sur of the executives in the government and other public service organizations. The Sanjeev Talwar activities of the Institute are organized in four inter-related areas of Research, Training, Advisory and Consultancy Services and Dissemination of Information. CENTRE FOR CONSUMER STUDIES (CCS) CCS is one of the academic centres of IIPA dedicated to consumer studies and is sponsored by DCA, Government of India. The objective of CCS is to perform, facilitate and promote better protection of consumers’ rights and interests with special reference to rural India. The broad areas of focus of the Centre comprise capacity building, advocacy, policy analysis, research, advisory and consultative services and networking. NATIONAL CONSUMER HELPLINE (NCH) NCH is a project of the Ministry of Consumer Affairs, Food and Public Distribution operating under the umbrella of CCS. The Project recognizes the need of consumers for a Helpline to deal with multitude of problems arising in their day-to-day dealings with business and service providers. National Consumer Helpline (NCH), Indian Institute of Public Administration I.P. Estate, Ring Road, New Delhi - 110002. Website - www.nationalconsumerhelpline.in Centre for Consumer Studies Indian Institute of Public Administration INDIAN INSTITUTE OF PUBLIC ADMINISTRATION Consumer Education Monograph Series No. 19 The Indian Institute of Public Administration, established as an autonomous body under the Registration of Societies Act, was inaugurated on March 29, 1954 by Shri Jawaharlal Nehru who was also the first President of the Society. The basic purpose of establishing this Institute was to undertake such academic activities as would enhance the leadership qualities and managerial capabilities of the executives in the government and other public service organization. The activities of the Institute are organized in four inter-related areas of Research, Training, Advisory and Consultancy Mamta Pathania Services and Dissemination of Information. S.K.Virmani CENTRE FOR CONSUMER STUDIES CCS is dedicated to consumer studies and is sponsored by DCA, GoI. The objective of the CCS is to perform, facilitate and promote better protection of consumers’ rights and interests with special reference to rural India. The broad areas of focus of the Centre comprise capacity building, advocacy, policy analysis, research, advisory and consultative services, and networking. The Centre seeks to network with national and international agencies and interface with other stakeholders by serving as a bridging “think tank” with an intensive advocacy role. The Centre provides a forum for creating dialogue among policy-makers, service-providers, representatives of various business establishments and their associations, professional bodies/ associations, civil society organizations, educational/research institutions, economic and social development organizations as well as leading NGOs. Centre for Consumer Studies Room No. 11A Indian Institute of Public Administration I.P. Estate, Ring Road New Delhi—110002 Tel: 011-23468347, 23705928 (Fax) Email: [email protected] Website: www.consumereducation.in Centre for Consumer Studies INDIAN INSTITUTE OF PUBLIC ADMINISTRATION Consumer Education Monograph Series - 19 Financial Services and Consumers Mamta Pathania Assistant Professor, Public Administration, CCS, IIPA S.K. Virmani Project Manager, SCHKRMP, CCS, IIPA Centre for Consumer Studies Indian Institute of Public Administration New Delhi 2015 Rs. 100 ISBN : 81-86641-86-6 Sponsored by : The Department of Consumer Affairs, Ministry of Consumer Affairs, Food and Public Distribution, Government of India. Published by Centre for Consumer Studies, Indian Institute of Public Administration, New Delhi. Printed at New United Process, A-26, Naraina Industrial Area, Ph-II, New Delhi 110028, Ph. 25709125 Hkkjrh; yksd iz'kklu laLFkku bUnzizLFk ,LVsV] fjax jksM] ubZ fnYyh&110 002 • nwjHkk"k % 23702400 (15 ykbu) INDIAN INSTITUTE OF PUBLIC ADMINISTRATION INDRAPRASTHA ESTATE, RING ROAD, NEW DELHI-110002 (INDIA) Dr. Suresh Misra Tel. (off): 011-23468349 Chair Professor & Chairman Tel. Fax : +91-11-23766136 Centre for Consumer Studies Email : [email protected] [email protected] FOREWORD In the era of global market financial services have increased manifold and now consumers have a choice to select the one that suits them. Consumers are very sensitive to victimization for any mis-informed financial product or may become victim of mis- advertisement for quick illusionary financial gains. The lack of awareness and information coupled with illusionary financial gains overnight need to be addressed for economic growth and its stability. Money is to be invested for optimum gains with an informed decision and at the same time, not to park it in an ideal investment resulting in erosion of its value. The increased competition in the financial sector has also necessitated steps for protection of interests of consumers. The need for consumer protection arises from an imbalance of power, information and resources between consumers and their financial service providers. Lack of financial literacy has led to consumers being cheated resulting into huge financial loss. Financial education enables consumers to understand not only the features of the diverse products and services on offer but also the cost, risks and benefits of the products and services availed including precautions on the part of consumers so as to avoid losses. Financial literacy is an essential pre-requisite for ensuring consumer protection. The low levels of transparency and the consequent inability of consumers in identifying and understanding the fine-print from a large volume of information leads to an information asymmetry between the financial intermediary and the consumer. In this context, financial education can greatly help the consumers to narrow this information divide. It is against this backdrop that the Centre for Consumer Studies, Indian Institute of Public Administration, New Delhi has brought out a monograph on “Financial Services and Consumer”. I would like to thank the authors, Dr. MamtaPathania, Assistant Professor CCS/IIPA and Mr. S.K.Virmani, iv Project Manager, SCHKRMP, CCS/IIPA for bringing out this monograph in its present form. The monograph highlights the investment alternatives available to the consumers, Do’s and Don’ts as preventive measures and mechanism for complaint redressal system.I am sure the readers will find it of immense use as a guide for safe investments. Place: New Delhi Date: December 11, 2015 (Prof. Suresh Misra) PREFACE The nature and kind of financial services available to the consumers has increased manifolds. The globalisation and integration of the market has also given a boost both in the nature of services and also the choice that the consumer has. Even though the consumers are protected by various regulators, service regulations, laws and policies yet recent experiences have exposed the short comings and drawback in consumer protection. A large section of Indian Consumers lack financial skills and literacy to manage their finances leading to their exploitation. Millions of consumers with small life-long savings are duped and cheated with no proper mechanism to recover their loss. Financial illiteracy permeates all levels of society and economic stratas. The nature of illiteracy and its manifestations may vary, but it gets reflected in the everyday financial choices that many of us make. The lack of basic knowledge about financial products and services coupled with human greed for quick gains and their risk-return framework is one common instance of financial illiteracy that is widely observed. Thus, appreciation of various aspects of financial literacy and how it impacts our lives holds the key to prudent financial planning and welfare maximization, both- at the individual level and for the society as a whole. Financial literacy is an essential pre-requisite for ensuring consumer protection. The low levels of transparency and the consequent inability of consumers in identifying and understanding the fine-print from a large volume of information leads to an information asymmetry between the financial intermediary and the consumer. In this context, financial education can greatly help the consumers to narrow this information divide. Besides, knowledge about the existence of an effective grievance redress mechanism is essential for gaining the confidence of the unbanked population and overcoming apprehensions they may have about joining, what would appear to be a complex and unfriendly financial marketplace. The present monograph will help the readers to understand the intricacies of financial services. Even though the scope of financial services is unlimited the present monograph covers commonly used services in financial sector especially with reference to unorganized workforce. vi We would like to thank Dr. T Chatterjee, Director, IIPA for the encouragement and support. We are also grateful to Prof. Suresh Misra, Chair Professor and Coordinator, CCS,
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