Dr. Rajan succinctly explained, in laying out the need for consumer protection, raising the issue of whether products sold are suitable for the target customer, and putting the onus on the financial institution to determine suitability, the report has forced regulators to review their consumer protection frameworks.
We at the RBI are indeed engaged in such an exercise, informed by the valuable guidelines in the FSLRC report. Reserve Bank of India, as announced in its first Bi-Monthly Monetary Policy in April 2014 evolved a draft Charter of Customer Rights after extensive consultations with all stakeholders, studying global best practices and domestic experience.