Runaway retail credit growth highlights urgent need to protect consumers

What you can't get away from is the retail credit story is at an inflection point

Tucked away in the Reserve Bank of India’s (RBI’s) Annual Report FY24 is the following: The Consumer Education and Protection Department (CEPD) plans to “conduct a survey to assess the reasons for the low level of complaints in rural and semi-urban areas in FY25”. And that the low level may be an indication that customers in these geographies may not be aware of redressal mechanisms. The RBI will review and roll out a reoriented nationwide intensive awareness programme based on the feedback received from regulated entities (REs) and Offices of the RBI Ombudsmen. It will improve the complaint management system