The Consumer Protection Act, 1986, is one of the significant socio-economic legislation
which has been enacted for protecting the interests of the consumers in India. This
is preventive and compensative in nature. The Act is intended to provide simple, speedy
and inexpensive redressal to the consumers’ grievances, and relief of a specific nature
and award of compensation. Consumerism is fast emerging as an environmental force
affecting important business decisions as consumers become more aware about their
rights. Although comprehensive statutory measures have been provided in India for
curbing unfair business practices, for protecting consumer interest, and for promoting
consumerism; companies have yet to do a lot. This paper is a study on role of Consumer
Protection Act in banking sector and researchers tried to explain that how it affects
the major decisions of the firm.
The document discusses key aspects of the Consumer Protection Act 1986 in India. It summarizes that the Act aims to protect consumers from unscrupulous businesses and provides easy remedies for complaints. It established three consumer dispute redressal forums - district forums for claims up to 10 lakhs, state commissions for claims up to 20 lakhs, and a national commission for claims over 20 lakhs. The forums have powers like summoning witnesses and imposing penalties on traders if complaints are found to be valid. The Act also provides for consumer protection councils and defines the rights and responsibilities of consumers.
This document discusses the Consumer Protection Act of 1986 in India. It was established to better protect consumer interests based on UN guidelines. The key aims are to protect consumer health and safety, provide effective community redressal forums, and offer cheap and speedy remedies. The act established quasi-judicial bodies like district, state, and national commissions to handle consumer complaints regarding defective products or services. It provides a framework for complaints, appeals, penalties, and covers areas like medical services. The commissions can offer consumers specific reliefs and compensation. The statute of limitations for complaints is two years.
The document discusses the Consumer Protection Act in India and its provisions regarding consumer protection and dispute resolution related to medical negligence cases against doctors, including anaesthesiologists. It outlines the objectives and structure of consumer protection councils established at national, state, and district levels. It also describes the jurisdiction and processes of consumer disputes redressal agencies. The document then discusses specifics of negligence cases against anaesthesiologists, including standards of care, informed consent, record keeping, burden of proof, expert witnesses, and the res ipsa loquitur doctrine.
The document discusses the role of consumer protection councils in India and consumer rights. It describes consumers as individuals who purchase goods or services. It outlines the Consumer Protection Act of 1986 which established consumer councils at the central, state, and district levels to protect consumer interests and settle disputes. The objectives of the councils are to promote consumer rights such as the right to safety, right to information, right to choose, right to be heard, right to satisfaction of basic needs, right to redressal, and right to consumer education. Examples of each right are provided.
The Consumer Protection Act, 1986 was enacted to provide a simpler and quicker access to redress of consumer grievances. The Act seeks to promote and protects the interest of consumers against deficiencies and defects in goods or services. It also seeks to secure the rights of a consumer against unfair trade practices, which may be practiced by manufacturers and traders.
The Consumer Protection Act (CPA) was passed in 1986 to better protect consumer interests in India. It established consumer councils and authorities to settle disputes. Under the CPA, a consumer is defined as any person who avails of services for consideration, either paid or promised. Health care services are considered a service under the act. The CPA provides advantages over civil courts like faster resolution times and no court fees. It allows consumers to file complaints over deficient or negligent services. Hospitals and doctors can be held liable depending on if they charge fees. The act has a three-tier structure for resolving complaints at the district, state, and national levels.
The Consumer Protection Act was enacted in 1986 to protect consumer interests in India. It established consumer councils and forums for resolving disputes. The act defines consumers as any person who buys goods or services for personal use. It gives consumers rights like the right to safety, information, choice, and representation. Complaints can be filed with district, state or national consumer commissions depending on the value of relief sought. The act aims to provide speedy redressal of consumer complaints. It covers healthcare services and defines duties and penalties for non-compliance with consumer forum orders.
This document defines a consumer and outlines their rights in India. It also describes the consumer redressal machinery that exists to help consumers resolve issues. A consumer is defined as anyone who purchases goods or services. Key rights of consumers in India include basic needs like food, shelter, and a healthy environment. The redressal machinery includes consumer courts at the district, state, and national levels to handle cases depending on the amount in dispute. Time limits and processes for appeals are also defined.
The document discusses key aspects of the Consumer Protection Act 1986 in India. It summarizes that the Act aims to protect consumers from unscrupulous businesses and provides easy remedies for complaints. It established three consumer dispute redressal forums - district forums for claims up to 10 lakhs, state commissions for claims up to 20 lakhs, and a national commission for claims over 20 lakhs. The forums have powers like summoning witnesses and imposing penalties on traders if complaints are found to be valid. The Act also provides for consumer protection councils and defines the rights and responsibilities of consumers.
This document discusses the Consumer Protection Act of 1986 in India. It was established to better protect consumer interests based on UN guidelines. The key aims are to protect consumer health and safety, provide effective community redressal forums, and offer cheap and speedy remedies. The act established quasi-judicial bodies like district, state, and national commissions to handle consumer complaints regarding defective products or services. It provides a framework for complaints, appeals, penalties, and covers areas like medical services. The commissions can offer consumers specific reliefs and compensation. The statute of limitations for complaints is two years.
The document discusses the Consumer Protection Act in India and its provisions regarding consumer protection and dispute resolution related to medical negligence cases against doctors, including anaesthesiologists. It outlines the objectives and structure of consumer protection councils established at national, state, and district levels. It also describes the jurisdiction and processes of consumer disputes redressal agencies. The document then discusses specifics of negligence cases against anaesthesiologists, including standards of care, informed consent, record keeping, burden of proof, expert witnesses, and the res ipsa loquitur doctrine.
The document discusses the role of consumer protection councils in India and consumer rights. It describes consumers as individuals who purchase goods or services. It outlines the Consumer Protection Act of 1986 which established consumer councils at the central, state, and district levels to protect consumer interests and settle disputes. The objectives of the councils are to promote consumer rights such as the right to safety, right to information, right to choose, right to be heard, right to satisfaction of basic needs, right to redressal, and right to consumer education. Examples of each right are provided.
The Consumer Protection Act, 1986 was enacted to provide a simpler and quicker access to redress of consumer grievances. The Act seeks to promote and protects the interest of consumers against deficiencies and defects in goods or services. It also seeks to secure the rights of a consumer against unfair trade practices, which may be practiced by manufacturers and traders.
The Consumer Protection Act (CPA) was passed in 1986 to better protect consumer interests in India. It established consumer councils and authorities to settle disputes. Under the CPA, a consumer is defined as any person who avails of services for consideration, either paid or promised. Health care services are considered a service under the act. The CPA provides advantages over civil courts like faster resolution times and no court fees. It allows consumers to file complaints over deficient or negligent services. Hospitals and doctors can be held liable depending on if they charge fees. The act has a three-tier structure for resolving complaints at the district, state, and national levels.
The Consumer Protection Act was enacted in 1986 to protect consumer interests in India. It established consumer councils and forums for resolving disputes. The act defines consumers as any person who buys goods or services for personal use. It gives consumers rights like the right to safety, information, choice, and representation. Complaints can be filed with district, state or national consumer commissions depending on the value of relief sought. The act aims to provide speedy redressal of consumer complaints. It covers healthcare services and defines duties and penalties for non-compliance with consumer forum orders.
This document defines a consumer and outlines their rights in India. It also describes the consumer redressal machinery that exists to help consumers resolve issues. A consumer is defined as anyone who purchases goods or services. Key rights of consumers in India include basic needs like food, shelter, and a healthy environment. The redressal machinery includes consumer courts at the district, state, and national levels to handle cases depending on the amount in dispute. Time limits and processes for appeals are also defined.
Copra(consumer protection act) public health dentistryabhishek singh
This document summarizes the key points of the Consumer Protection Act (COPRA) as it relates to the medical profession in India. It discusses how COPRA was established to protect consumers and provide a mechanism for resolving disputes through consumer forums. It outlines the inclusion and exclusion criteria for medical services under COPRA as well as the structure of the consumer forums that handle complaints. The document also discusses arguments for and against the application of COPRA to the medical field and provides guidance on what doctors should and should not do if subject to a complaint.
The document discusses the Consumer Protection Act 2019 which overhauled the previous Consumer Protection Act of 1986 to provide greater protection to consumers in the modern digital era, including provisions for strict liability, easier complaint filing, and penalties for violations affecting consumers. Key changes from the old act include the establishment of a central regulatory authority, expanded jurisdiction for consumer courts, and regulations for e-commerce and direct selling transactions.
Please find the briefing note on the Consumer Protection Act. It includes the KBA Alternative Dispute Resolution Model which was approved by the Governing Council as the industry model and approach on handling longstanding customer complaints and disputes.
The document discusses India's Consumer Protection Act of 1986. It was enacted to protect consumer rights and provide effective redress against unfair trade practices and exploitation of consumers. The key objectives of the act are to promote and protect consumer rights, establish consumer protection councils at central, state and district levels, and provide a simple dispute resolution mechanism. The act defines terms like consumer, service, unfair trade practices. It also outlines the composition and jurisdiction of consumer protection councils at different levels and the process for filing consumer complaints. Remedies under the act include replacing defective goods, withdrawing hazardous goods, corrective advertising and returning paid amounts.
Policyholders Satisfaction of Life Insurance Products with Reference to Coimb...inventionjournals
- The study examines factors influencing policyholder satisfaction of life insurance products in Coimbatore district, India.
- Marital status and educational qualification were found to be significantly associated with satisfaction level, with married and more educated policyholders reporting higher satisfaction.
- Sum assured (insurance amount) was also significantly associated, with those having higher sums assured being more satisfied.
- Policyholders reported being most satisfied with the grievance redressal system and mass media advertisements used by insurance companies.
This document summarizes a study on consumer preferences and behaviors regarding life insurance products in India. The study examined customers of both public (LIC) and private life insurance companies. Key findings include:
1) Customers of both LIC and private insurers have high expectations around awareness, advertising, income benefits and agent recommendations.
2) LIC customers particularly valued transparency, coverage and technology adoption, while private customers focused on benefits and speed.
3) Both sectors were found to exhibit characteristics like product features and simple payments. However, private insurers were seen as more reputable with better customer feedback.
4) Customer loyalty to LIC comes from corporate image and satisfaction, while private loyalty depends more on
Training tool ABN learning center 2011 Sharon Evans
This document provides training on using Advanced Beneficiary Notifications (ABNs) correctly. It defines key ABN terminology and outlines the requirements for valid ABN delivery and completion. An ABN notifies Medicare beneficiaries that an item or service may be denied so they can make an informed decision about receiving it. The training emphasizes that ABNs must be filled out completely before obtaining a beneficiary's signature to ensure informed consent. It also discusses billing modifiers used with ABNs and the process for collecting payment when a claim is denied.
This document discusses a study on the attitudes of consumers and the effect on life insurance companies. It analyzes how customer service and satisfaction impact customer attitudes. The study examines 150 insurance customers in Lucknow, India. It finds that meeting rising customer expectations through initiatives like CRM is important for retention. However, customer acquisition is also vital for growth. The competitive environment makes it difficult for insurance companies and agents to gain profits while reducing costs. The study aims to understand the effect of insurance intermediaries and services on customer attitudes and investment decisions. It uses surveys and statistical analysis to test hypotheses about these relationships.
The document discusses consumer welfare in the context of competition law and policy in Indonesia. It provides background on how consumer welfare is defined and measured. The objective of competition law and policy is described as aiming to create a well-functioning market that leads to efficiency improvements and consumer welfare gains. An example case is summarized where the Indonesian competition authority, KPPU, found evidence of an SMS cartel among telecommunications operators that resulted in estimated consumer losses of Rp 2,827,700,000,000 over several years.
This document discusses commodity markets in India. It provides background on commodity markets, noting they allow producers and sellers to get fair prices through trading standardized contracts. It then summarizes the history and development of commodity markets in India, including the establishment of the Multi Commodity Exchange of India (MCX) and National Commodity & Derivatives Exchange (NCDEX) as leading commodity exchanges in the country. The summary concludes by stating MCX and NCDEX facilitate online trading of commodity futures and forward contracts to bring transparency to agricultural commodity pricing in India.
Achieving organisation excellence through diversity managementTapasya123
The globalisation of world trade, frequent mergers, acquisitions and increasing ethno
cultural diversity of markets is shaping the workplace of 21st century. The increasing
globalisation has led to interaction among people from diverse cultures, beliefs and
backgrounds than ever before. This interaction has given the new shape to the market
and organisation by inducing diversity into them. This existence of diversity has produced
not only differences in work ethics and religious differences but also benefitted the
companies by gaining a new insight from a management and marketing standpoint.
Diversity can’t be used as a competitive organisational strength unless it’s managed
effectively therefore diversity management supported by programs, activities and tools
acts as a strategic approach in managing and valuing diversity the key components
which directly or indirectly effects organisation productivity. So, the subject matter
of this paper focuses on how pursuing diversity management by an organisation can
lead to earn productivity at a competitive global arena. The discussion is based on
how successful diversity management, practices and programs make a huge difference
in retaining diverse customers and productivity of the organisation. The paper introduces
a framework for expanding the diversity management research towards conceptual
and empirical direction by focussing how diversity management is being positively
associated with organisation excellence and how an organisation considers it to be
a part of their work culture to earn that excellence.
Keywords:
The document discusses Six Sigma, a data-driven approach to process improvement originally developed by Motorola in 1986. It aims to reduce defects in products and services by identifying and removing sources of errors and minimizing variability. The key aspects covered are:
- Six Sigma aims for 3.4 or fewer defects per million opportunities by driving processes to operate within 6 standard deviations of the mean.
- It uses methodologies like DMAIC (Define, Measure, Analyze, Improve, Control) to improve existing processes and DMADV (Define, Measure, Analyze, Design, Verify) for new processes.
- When implemented as a management system, Six Sigma helps align improvement efforts with business strategy to accelerate
As the time has grown the mankind has also grown in terms of technology,
living standard, the way of keeping records. In the initial years the
requirement of remembering information and keeping information intact
for future use was very less. But as the human developed himself, the
requirement of keeping information in an effective manner and in terms of
capacity becomes a crucial issue to be resolved. To solve this problem
several techniques came up in the meanwhile. And now when data capacity
has no limit and humans doesn’t want the pattern of storage and
processing to be a hurdle; BIG DATA came up as a rescue plan.The motive
of writing this paper is to understand the storage pattern of data
developed over the years.
Financial inclusion for sustainable developmentTapasya123
For any developing country like India, the sustainable growth of nation is only possible
by inclusive all financial services to those groups who are excluded to access financial
system. The approach that was first used by the government for financial inclusion
was Swabhimaan. In Swabhimaan, the target area was rural with account opening
as the main focus ignoring the use of mobile banking. Pradhan Mantri Jan-Dhan
Yojana (PMJDY) is introduced to overcome the loopholes of Swabhimaan. It is an
urge of the hour to make the people understand that financial inclusion is the emerging
financial means which play major role to develop country by eradicating poverty.
The main objective of financial inclusion is a basic no frill account, credit availability
at appropriate rate, knowledge of secure savings and financial products, remittance,
pension and insurance etc. PMJDY is major financial plan with the objective of covering
all households in the country with banking facilities along with inbuilt insurance
coverage. The paper implies to study the need of financial inclusions in India with
special reference to PMJDY for the sustainable growth of economy.
Microfinance alludes to little scale monetary administration for both
credits and stores that are given to individuals who homestead or fish or
crowd; work little or miniaturized scale ventures where merchandise are
delivered, reused, repaired, or exchanged; if administrations ;work for
wages or commissions ;pick up in-originate from leasing little measures of
area, vehicles, draft creatures ,or apparatus and apparatuses; and to
different people and nearby gatherings in creating nations, in both rustic
and urban ranges. Micro credits are given to business people excessively
poor, this study has accordingly, made an endeavour to analyse the part of
Microfinance and developing economy in India. It is a platform to deliver
financial products and complementary services reaching the poor in order
to get them out of poverty. By providing capital, trust, social esteem,
information, knowledge, competences, empowerment, networking, social
capital, technology and market access, microfinance institutions and other
sources of microfinance become active subject in the fight against poverty
in all its dimensions and levels. The integral development of the human
potential of the client and of her/his family, neighbourhood, and social networks is fostered by both well-established and innovative financial
products, whose high repayment ratio, remunerative interest rate (or
price) and low administrative cost guarantee the economic sustainability
of a well-managed institution.
Working capital analysis in rajasthan financial corporationTapasya123
Working Capital management is concerned with the problems that arise
in attempting to manage current assets, current liabilities and
interrelationship that exists in between them. The success of an
organisation to a greater extent depends upon the effective management
of working capital. It guarantees financial soundness of organisation and
therefore keeps it away from sickness zone. This study is a modest attempt
in this direction by undertaking a study of working capital management.
Through present study researcher has tried to examine sources used by
Rajasthan Financial Corporation to finance their working capital
requirements and to analyse and evaluate working capital management.
The paper has also examined the liquidity position of Rajasthan Financial
Corporation. In order to examine and analyse, financial statements of
Rajasthan Financial Corporation are collected for the period of five years
from 2009- 2014 and ratio analysis was conducted and analysed to check
the working capital conditions of Rajasthan Financial Corporation.
A study on patient satisfaction with special reference to government hospital...Tapasya123
In this study researchers analyse the satisfaction level of patients regard to facilities
available in government hospitals. A sample of 100 patients is taken from Pandit Brij
Sundar Shama Government General Hospital (GGH) at Bundi District in the state
of Rajasthan in India. Four dimensions of perceived quality were identified—Admission
Procedure, Diagnostic Services, Behaviour of the staff, Cleanliness. The developed
scale is used to evaluate perceived quality at a range of various types of facilities
for patients. Perceived quality at public facilities is only marginally favourable, leaving
much scope for improvement. Better staff and physician relations, interpersonal skills,
good diagnostic and cleanliness service can improve the level of satisfaction among
employees.
Keywords:
Library automation in india and co operationTapasya123
Mechanisation was aimed at handling problems of bulk, weight and distance at replacing
muscle and movement with machines. This is the name given to an automatic system
of working. The difference between both automation and mechanization is mainly one
of degree. The automatic handling of parts between progressive production processes
in relation to engineering industries.
Michael E. Porter, a Professor at the Harward Business School, is a noted
authority in the field of competitive strategy have immensely helped in
improving the ability of firms and other organizations to compete,
drawing on a rich understanding of the principles of competition. His
magnum opus Competitive Strategy, translated into nineteen languages,
has transformed the theory, practice and teaching of business strategy
throughout the world.
Impact of octapace model on banking employees a comparative study of private...Tapasya123
The document discusses a study that compares the impact of the OCTAPACE model on employees in private and public sector banks in Rajasthan, India. The OCTAPACE model measures 8 cultural values: openness, confrontation, trust, authenticity, proaction, autonomy, collaboration, and experimentation. The study surveyed 50 bank employees across 6 banks using questionnaires. It analyzed employee perceptions of the 8 values. Most employees felt their organizations demonstrated high levels of openness, confrontation, trust, authenticity, and collaboration. However, fewer felt their organizations encouraged proaction, autonomy, and experimentation. The study also found some differences between private and public sector banks in certain values like proaction and autonomy. Overall, the study concluded
An evaluation study of mid day meal programmeTapasya123
For giving a boost to universalisation of primary education by increasing enrolment,
attendance and retention and simultaneously improving the nutritional status of students
in primary classes, The National Programme of Nutritional Support to Primary Education
which is popularly known as the Mid-day Meal Scheme was launched by the Government
of India in 1995. In this research study an evaluation of Mid Day Programme in
Jaipur is being done mainly based on primary data. The universe of the study is
Jaipur, and the sample size used is 100 children of government schools. Views of
some of the available teachers in the schools are also covered in this study. The study
states that MDM Programmme is really helpful in removing classroom hunger, increasing
enrollments and daily attendance of the children. Several steps are yet to be taken
to improve the implementation of the programme and to provide best quality of Mid
Day Meal to school children.
Seed spices production in rajasthan– an overviewTapasya123
Rajasthan and Gujarat are also known as ǮSeed Spices Bowlǯ and
contributes more than 80% of total seed spices production in India. Other
states where seed spices are commonly grown are Bihar, West Bengal,
Uttar Pradesh, Madhya Pradesh, Orissa, Punjab, Karnataka and Tamil
Nadu. Since there is a large scope of seed spices by introducing them in new
areas, the higher yields can also be achieved effortlessly by implementing
new technologies and introducing modern cultural practices, enhancing
the knowledge of latest techniques to the farmers and putting more area
under these seed spices crops. Many production technologies and
introduction of new varieties through research have been generated by
National Research Centre on Seed Spices for increasing the profitability of
Seed Spices in Rajasthan. The global demand for Indian Spices is
increasingly day by day. In terms of export, there is an increase of 29% in
Coriander, 70% in Cumin, 3.1% in celery, 58% in Fennel, 49% in Fenugreek
and 97% in others and overall 62%. It can be analysed that there is still a
huge demand for Indian Spices all over the world. Keeping in view researcher can say that Seed Spices are not only the cash crops but there is
also a huge export potentiality.
Copra(consumer protection act) public health dentistryabhishek singh
This document summarizes the key points of the Consumer Protection Act (COPRA) as it relates to the medical profession in India. It discusses how COPRA was established to protect consumers and provide a mechanism for resolving disputes through consumer forums. It outlines the inclusion and exclusion criteria for medical services under COPRA as well as the structure of the consumer forums that handle complaints. The document also discusses arguments for and against the application of COPRA to the medical field and provides guidance on what doctors should and should not do if subject to a complaint.
The document discusses the Consumer Protection Act 2019 which overhauled the previous Consumer Protection Act of 1986 to provide greater protection to consumers in the modern digital era, including provisions for strict liability, easier complaint filing, and penalties for violations affecting consumers. Key changes from the old act include the establishment of a central regulatory authority, expanded jurisdiction for consumer courts, and regulations for e-commerce and direct selling transactions.
Please find the briefing note on the Consumer Protection Act. It includes the KBA Alternative Dispute Resolution Model which was approved by the Governing Council as the industry model and approach on handling longstanding customer complaints and disputes.
The document discusses India's Consumer Protection Act of 1986. It was enacted to protect consumer rights and provide effective redress against unfair trade practices and exploitation of consumers. The key objectives of the act are to promote and protect consumer rights, establish consumer protection councils at central, state and district levels, and provide a simple dispute resolution mechanism. The act defines terms like consumer, service, unfair trade practices. It also outlines the composition and jurisdiction of consumer protection councils at different levels and the process for filing consumer complaints. Remedies under the act include replacing defective goods, withdrawing hazardous goods, corrective advertising and returning paid amounts.
Policyholders Satisfaction of Life Insurance Products with Reference to Coimb...inventionjournals
- The study examines factors influencing policyholder satisfaction of life insurance products in Coimbatore district, India.
- Marital status and educational qualification were found to be significantly associated with satisfaction level, with married and more educated policyholders reporting higher satisfaction.
- Sum assured (insurance amount) was also significantly associated, with those having higher sums assured being more satisfied.
- Policyholders reported being most satisfied with the grievance redressal system and mass media advertisements used by insurance companies.
This document summarizes a study on consumer preferences and behaviors regarding life insurance products in India. The study examined customers of both public (LIC) and private life insurance companies. Key findings include:
1) Customers of both LIC and private insurers have high expectations around awareness, advertising, income benefits and agent recommendations.
2) LIC customers particularly valued transparency, coverage and technology adoption, while private customers focused on benefits and speed.
3) Both sectors were found to exhibit characteristics like product features and simple payments. However, private insurers were seen as more reputable with better customer feedback.
4) Customer loyalty to LIC comes from corporate image and satisfaction, while private loyalty depends more on
Training tool ABN learning center 2011 Sharon Evans
This document provides training on using Advanced Beneficiary Notifications (ABNs) correctly. It defines key ABN terminology and outlines the requirements for valid ABN delivery and completion. An ABN notifies Medicare beneficiaries that an item or service may be denied so they can make an informed decision about receiving it. The training emphasizes that ABNs must be filled out completely before obtaining a beneficiary's signature to ensure informed consent. It also discusses billing modifiers used with ABNs and the process for collecting payment when a claim is denied.
This document discusses a study on the attitudes of consumers and the effect on life insurance companies. It analyzes how customer service and satisfaction impact customer attitudes. The study examines 150 insurance customers in Lucknow, India. It finds that meeting rising customer expectations through initiatives like CRM is important for retention. However, customer acquisition is also vital for growth. The competitive environment makes it difficult for insurance companies and agents to gain profits while reducing costs. The study aims to understand the effect of insurance intermediaries and services on customer attitudes and investment decisions. It uses surveys and statistical analysis to test hypotheses about these relationships.
The document discusses consumer welfare in the context of competition law and policy in Indonesia. It provides background on how consumer welfare is defined and measured. The objective of competition law and policy is described as aiming to create a well-functioning market that leads to efficiency improvements and consumer welfare gains. An example case is summarized where the Indonesian competition authority, KPPU, found evidence of an SMS cartel among telecommunications operators that resulted in estimated consumer losses of Rp 2,827,700,000,000 over several years.
This document discusses commodity markets in India. It provides background on commodity markets, noting they allow producers and sellers to get fair prices through trading standardized contracts. It then summarizes the history and development of commodity markets in India, including the establishment of the Multi Commodity Exchange of India (MCX) and National Commodity & Derivatives Exchange (NCDEX) as leading commodity exchanges in the country. The summary concludes by stating MCX and NCDEX facilitate online trading of commodity futures and forward contracts to bring transparency to agricultural commodity pricing in India.
Achieving organisation excellence through diversity managementTapasya123
The globalisation of world trade, frequent mergers, acquisitions and increasing ethno
cultural diversity of markets is shaping the workplace of 21st century. The increasing
globalisation has led to interaction among people from diverse cultures, beliefs and
backgrounds than ever before. This interaction has given the new shape to the market
and organisation by inducing diversity into them. This existence of diversity has produced
not only differences in work ethics and religious differences but also benefitted the
companies by gaining a new insight from a management and marketing standpoint.
Diversity can’t be used as a competitive organisational strength unless it’s managed
effectively therefore diversity management supported by programs, activities and tools
acts as a strategic approach in managing and valuing diversity the key components
which directly or indirectly effects organisation productivity. So, the subject matter
of this paper focuses on how pursuing diversity management by an organisation can
lead to earn productivity at a competitive global arena. The discussion is based on
how successful diversity management, practices and programs make a huge difference
in retaining diverse customers and productivity of the organisation. The paper introduces
a framework for expanding the diversity management research towards conceptual
and empirical direction by focussing how diversity management is being positively
associated with organisation excellence and how an organisation considers it to be
a part of their work culture to earn that excellence.
Keywords:
The document discusses Six Sigma, a data-driven approach to process improvement originally developed by Motorola in 1986. It aims to reduce defects in products and services by identifying and removing sources of errors and minimizing variability. The key aspects covered are:
- Six Sigma aims for 3.4 or fewer defects per million opportunities by driving processes to operate within 6 standard deviations of the mean.
- It uses methodologies like DMAIC (Define, Measure, Analyze, Improve, Control) to improve existing processes and DMADV (Define, Measure, Analyze, Design, Verify) for new processes.
- When implemented as a management system, Six Sigma helps align improvement efforts with business strategy to accelerate
As the time has grown the mankind has also grown in terms of technology,
living standard, the way of keeping records. In the initial years the
requirement of remembering information and keeping information intact
for future use was very less. But as the human developed himself, the
requirement of keeping information in an effective manner and in terms of
capacity becomes a crucial issue to be resolved. To solve this problem
several techniques came up in the meanwhile. And now when data capacity
has no limit and humans doesn’t want the pattern of storage and
processing to be a hurdle; BIG DATA came up as a rescue plan.The motive
of writing this paper is to understand the storage pattern of data
developed over the years.
Financial inclusion for sustainable developmentTapasya123
For any developing country like India, the sustainable growth of nation is only possible
by inclusive all financial services to those groups who are excluded to access financial
system. The approach that was first used by the government for financial inclusion
was Swabhimaan. In Swabhimaan, the target area was rural with account opening
as the main focus ignoring the use of mobile banking. Pradhan Mantri Jan-Dhan
Yojana (PMJDY) is introduced to overcome the loopholes of Swabhimaan. It is an
urge of the hour to make the people understand that financial inclusion is the emerging
financial means which play major role to develop country by eradicating poverty.
The main objective of financial inclusion is a basic no frill account, credit availability
at appropriate rate, knowledge of secure savings and financial products, remittance,
pension and insurance etc. PMJDY is major financial plan with the objective of covering
all households in the country with banking facilities along with inbuilt insurance
coverage. The paper implies to study the need of financial inclusions in India with
special reference to PMJDY for the sustainable growth of economy.
Microfinance alludes to little scale monetary administration for both
credits and stores that are given to individuals who homestead or fish or
crowd; work little or miniaturized scale ventures where merchandise are
delivered, reused, repaired, or exchanged; if administrations ;work for
wages or commissions ;pick up in-originate from leasing little measures of
area, vehicles, draft creatures ,or apparatus and apparatuses; and to
different people and nearby gatherings in creating nations, in both rustic
and urban ranges. Micro credits are given to business people excessively
poor, this study has accordingly, made an endeavour to analyse the part of
Microfinance and developing economy in India. It is a platform to deliver
financial products and complementary services reaching the poor in order
to get them out of poverty. By providing capital, trust, social esteem,
information, knowledge, competences, empowerment, networking, social
capital, technology and market access, microfinance institutions and other
sources of microfinance become active subject in the fight against poverty
in all its dimensions and levels. The integral development of the human
potential of the client and of her/his family, neighbourhood, and social networks is fostered by both well-established and innovative financial
products, whose high repayment ratio, remunerative interest rate (or
price) and low administrative cost guarantee the economic sustainability
of a well-managed institution.
Working capital analysis in rajasthan financial corporationTapasya123
Working Capital management is concerned with the problems that arise
in attempting to manage current assets, current liabilities and
interrelationship that exists in between them. The success of an
organisation to a greater extent depends upon the effective management
of working capital. It guarantees financial soundness of organisation and
therefore keeps it away from sickness zone. This study is a modest attempt
in this direction by undertaking a study of working capital management.
Through present study researcher has tried to examine sources used by
Rajasthan Financial Corporation to finance their working capital
requirements and to analyse and evaluate working capital management.
The paper has also examined the liquidity position of Rajasthan Financial
Corporation. In order to examine and analyse, financial statements of
Rajasthan Financial Corporation are collected for the period of five years
from 2009- 2014 and ratio analysis was conducted and analysed to check
the working capital conditions of Rajasthan Financial Corporation.
A study on patient satisfaction with special reference to government hospital...Tapasya123
In this study researchers analyse the satisfaction level of patients regard to facilities
available in government hospitals. A sample of 100 patients is taken from Pandit Brij
Sundar Shama Government General Hospital (GGH) at Bundi District in the state
of Rajasthan in India. Four dimensions of perceived quality were identified—Admission
Procedure, Diagnostic Services, Behaviour of the staff, Cleanliness. The developed
scale is used to evaluate perceived quality at a range of various types of facilities
for patients. Perceived quality at public facilities is only marginally favourable, leaving
much scope for improvement. Better staff and physician relations, interpersonal skills,
good diagnostic and cleanliness service can improve the level of satisfaction among
employees.
Keywords:
Library automation in india and co operationTapasya123
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muscle and movement with machines. This is the name given to an automatic system
of working. The difference between both automation and mechanization is mainly one
of degree. The automatic handling of parts between progressive production processes
in relation to engineering industries.
Michael E. Porter, a Professor at the Harward Business School, is a noted
authority in the field of competitive strategy have immensely helped in
improving the ability of firms and other organizations to compete,
drawing on a rich understanding of the principles of competition. His
magnum opus Competitive Strategy, translated into nineteen languages,
has transformed the theory, practice and teaching of business strategy
throughout the world.
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The document discusses a study that compares the impact of the OCTAPACE model on employees in private and public sector banks in Rajasthan, India. The OCTAPACE model measures 8 cultural values: openness, confrontation, trust, authenticity, proaction, autonomy, collaboration, and experimentation. The study surveyed 50 bank employees across 6 banks using questionnaires. It analyzed employee perceptions of the 8 values. Most employees felt their organizations demonstrated high levels of openness, confrontation, trust, authenticity, and collaboration. However, fewer felt their organizations encouraged proaction, autonomy, and experimentation. The study also found some differences between private and public sector banks in certain values like proaction and autonomy. Overall, the study concluded
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For giving a boost to universalisation of primary education by increasing enrolment,
attendance and retention and simultaneously improving the nutritional status of students
in primary classes, The National Programme of Nutritional Support to Primary Education
which is popularly known as the Mid-day Meal Scheme was launched by the Government
of India in 1995. In this research study an evaluation of Mid Day Programme in
Jaipur is being done mainly based on primary data. The universe of the study is
Jaipur, and the sample size used is 100 children of government schools. Views of
some of the available teachers in the schools are also covered in this study. The study
states that MDM Programmme is really helpful in removing classroom hunger, increasing
enrollments and daily attendance of the children. Several steps are yet to be taken
to improve the implementation of the programme and to provide best quality of Mid
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Rajasthan and Gujarat are also known as ǮSeed Spices Bowlǯ and
contributes more than 80% of total seed spices production in India. Other
states where seed spices are commonly grown are Bihar, West Bengal,
Uttar Pradesh, Madhya Pradesh, Orissa, Punjab, Karnataka and Tamil
Nadu. Since there is a large scope of seed spices by introducing them in new
areas, the higher yields can also be achieved effortlessly by implementing
new technologies and introducing modern cultural practices, enhancing
the knowledge of latest techniques to the farmers and putting more area
under these seed spices crops. Many production technologies and
introduction of new varieties through research have been generated by
National Research Centre on Seed Spices for increasing the profitability of
Seed Spices in Rajasthan. The global demand for Indian Spices is
increasingly day by day. In terms of export, there is an increase of 29% in
Coriander, 70% in Cumin, 3.1% in celery, 58% in Fennel, 49% in Fenugreek
and 97% in others and overall 62%. It can be analysed that there is still a
huge demand for Indian Spices all over the world. Keeping in view researcher can say that Seed Spices are not only the cash crops but there is
also a huge export potentiality.
Cost is the price paid for goods or services acquired from another person in concern
but for the business executive it is a significant item which must be dealt with according
to the purpose of its incurrence. The cost of a product occupy have an important
position in industrial sector. There are cornerstones of a business enterprise. If the
corner stone’s in the form of costs are out of tune the whole business structure will
cellarer under the stern of competition and technological development. A proper analyse
of costs enables an establishment to detect all source of waste in production and
marketing. It provides information of the management on the basis of which they can
control day to day operations of the industry. Costs can be classified and analysed
from the stand point of their relationship to accounting periods, behaviour, products
and departments. These components help in determining the actual cost incurred at
each level of production, which is used in reducing the cost and increasing the profit.
The determination and analysis of cost is used in cost control and effective management
decisions for maximising the profit for a particular product.
Demographic profile and buying behaviour can be the two determinants for making
perception about the investor's objective. Evidences also suggest that factors such
as profession, gender, risk/return objectives and educational qualification affect an
individual's investment decision. So, it is important to study the dependence/relationship
between various demographic factors, and the investment personality exhibited by the
investor. This study aims to investigate the effect of the demographic profile of investors
on investment choice of both gold and non gold. The research intends to investigate
the buying behaviour of investors as gold their investment with possible reasons of
purchase, mode of purchase and options of purchase and brings out the relationship
between gold and stock market as the investment avenue and the perception towards
the gold buying behaviour. The paper is based upon primary data. Chi Square Test
of Independence has been used to test the dependence of events, skills, goals and
strategies.
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surpassed the initial stages of exploration and experimentation. Now there
is a need to raise our bar by working together with “Tradition” and
“Technology”. In this paper, we focus on the challenges and opportunities
for intelligent textiles in Rajasthan. There are many opportunities waiting
for intelligent product where Rajasthan may expand their export with
collaboration of tradition with technology and may create its remarkable
presence in the global market. The textile export of Rajasthan has
opportunity to expand itself in term of product and market diversification.
There is no doubt that manufacturer who have created niche market will
be better position to compete in the global market place and achieve
higher margins on products including greater profitability. This paper will
give over view of approaches including challenges and opportunities in
Rajasthan for intelligent textiles.
Choupal in Hindi language means a village gathering place. Taking this gathering
place to the virtual world, ITC (one of the India’s largest and oldest business
conglomerates) introduced the e – Choupal to empower rural India in the year 2000.
e – Choupal provides better supply chain for ITC’s food and agri businesses. It enables
reach to the underserved rural markets. For rural farmers it caters new IT enabled
services and business opportunities i.e. health, education, entertainment, and e–
governance. It increases shareholder’s value through serving the society. The critical
success factors of e– Choupal are comprehensive knowledge of rural markets, designing
a win – win transaction model, leveraging the logistics channel, selection of Sanchalak
(operator), evolving an appropriate user interface and bottom-up model for
entrepreneurship. The e– Choupal model shows that a large corporation can play
a major role in recognising markets and increasing the efficiency of an agricultural
system. The case also uncovers the key role of information technology – in this case
provided and maintained by a corporation – but utilised by local farmers. This access
to information helps farmers in improving the quality of produce and obtaining better
prices. Elected from the village itself, a literate farmer acts as the interface between
the illiterate farmers and the computer. The model shows that a large corporation
can combine a social mission and an ambitious commercial venture, that it can play
a major role in rationalising markets and increasing the efficiency of an agriculture
system, and do so in ways that benefit rural communities. This case study given here
covers the background, the impact, key elements of empowerment, issues, lessons,
determinants for success and long term assessment of the system’s productivity and
efficiency levels.
A value added approach by triple bottom line for Sustainable DevelopmentTapasya123
This document discusses the triple bottom line (TBL) approach for measuring corporate sustainability performance across economic, environmental and social dimensions. It begins by defining TBL and its focus on people, planet and profit. It then explains the need for TBL due to issues like environmental degradation, resource depletion and unfair business practices. Key points made include: TBL evaluates impacts on stakeholders rather than just shareholders; it assesses intangible assets not captured by traditional accounting; and it requires companies to report on broader performance measures. The document also provides examples of economic, environmental and social variables used in TBL scorecards and discusses how different industries are applying TBL principles.
Changing dimensions of corporate social responsibility in indiaTapasya123
1. Corporate social responsibility in India is evolving from a focus on business philanthropy to broader activities integrated into core business strategy, in response to legal/regulatory pressures and public opinion.
2. CSR frameworks include the triple bottom line of economic, social and environmental responsibilities. Carroll's pyramid also outlines CSR as including economic, legal, ethical, and philanthropic responsibilities.
3. For developing countries like India, CSR focuses more on philanthropic responsibilities due to cultural and economic factors. The government regulates CSR through laws requiring companies to spend on social projects.
Telecommunication sector a prime driver in accelerating india's economic growthTapasya123
Telecom sector plays an important role in supporting the growth of other
sectors of the Indian economy .Indian Telecom Industry has a multiplier
effect in the country and also contributes in the efficiency of the economy
India's internet industry is expected to contributes US$ 100 billion to
India's gross domestic product (GDP). With contributing of about 5.3% in
India’s GDP, telecommunications with Information Technology has
significantly accelerated the growth rate of the economic and social sectors
of India very clearly. In fact, the National Telecom Policy 2012 (NTP 2012)
works with a vision to transform the country into a more empowered and
inclusive knowledge-based country, using telecommunications as an
important platform. According to the World Bank, a 10% increase in
mobile penetration boosts per capita and GDP by 0.8% points in developing
nations. Through this paper researcher wants to discuss
telecommunication sector as a prime driver in accelerating India’s
economic growth. Indian Telecom Industry has a multiplier effect in the
country and also contributes in the efficiency of the economy.
The Consumer Protection Act 1986 was enacted by the Indian Parliament to safeguard the interests of consumers (COPRA). The Consumer Protection Act of 2019 overcomes the Consumer Protection Act of 1986. The Assembly approved the Act in October 1986, and it went into force on December 24. The relevant statute was enacted prior to the COPRA act. In order to address consumer complaints and related difficulties, it was formed to create consumer research, councils, and other organizations.
The document summarizes the key aspects of the Consumer Protection Act 1986 in India. It defines what a consumer is, outlines the objectives of the act to protect consumer interests and provide grievance redressal. It describes the three tier system for consumer complaints - district, state and national forums. It also summarizes a key court case where the Supreme Court directed an insurance company to pay compensation to a consumer whose vehicle was stolen, overturning earlier rejections of the claim.
The Consumer Protection Act,1986 (COPRA) was an Act by the Parliament of India elected to protect the interests of consumers in India.It was replaced by the Consumer Protection Act, 2019. It was made for the establishment of consumer councils and other authorities for the settlement of consumer's grievances and matters connected with it. The act was passed in Assembly in October 1986 and came into force on December 24, 1986. The statute on the right was made before this COPRA act 1986.
Consumer Disputes Redressal Agencies
Main article: Consumer Court
District Consumer Disputes Redressal Commission (DCDRC): Also known as the "District Commission" established by the State Government in each district of the State. The State Governments may establish more than one District Forum in a district. It is a district-level court that deals with cases valuing up to ₹10 million (US$130,000).[2][3]
State Consumer Disputes Redressal Commission (SCDRC): Also known as the "State Commission" established by the State Government in the State. It is a state-level court that takes up cases valuing less than ₹100 million (US$1.3 million)[2][3]
National Consumer Disputes Redressal Commission (NCDRC): Established by the Central Government. It deals with matters of more than ₹100 million.[3]
Objectives of the central council
The objectives of the Central Council are to promote and protect the rights of the consumers such as:-
The right to be protected against the marketing of goods and services which are hazardous to life and property.
The right to be informed about the quality, quantity, potency, purity, standard and price of goods or services, as the case may be to protect the consumer against unfair trade practices;
The right to be assured, wherever possible, access to a variety of goods and services at competitive prices ;
The right to be heard and to be assured that consumer's interest will receive due consideration at appropriate forums;
The right to seek redressal against unfair trade practices or restrictive trade practices or unscrupulous exploitation of consumers
The right to consumer education.
Consumerism,Consumer Rights & Consumer Protection Act 1986Venkat. P
Roots of Consumerism – Consumer Safety and Information – Environmental Concerns – Consumer Privacy – Consumer Protection Act 1986; Central and State Consumer Protection Councils, Consumer Disputes Redressal Agencies and Forum, National Consumer Disputes Redressal Commission
The document provides an overview of the Consumer Protection Act of 1986 in India. Some key points:
- The Act was passed to better protect consumer rights and establish quasi-judicial bodies to handle consumer disputes.
- It defines a consumer and establishes three levels of consumer courts - district, state, and national levels - to provide simple, fast redressal for defective goods, deficient services, and unfair trade practices.
- The Act gives consumers important rights like protection from exploitation, the right to be informed about products, the right to be heard and seek redressal for grievances.
- The jurisdiction and composition of the three levels of consumer courts is outlined, along with the process for appeals.
The document provides an overview of the Consumer Protection Act of 1986 in India. It discusses:
- The need for consumer protection laws due to exploitation of consumers.
- Key features of the Act including the establishment of consumer councils, quasi-judicial bodies at district, state, and national levels to provide speedy redressal of consumer disputes, and provisions for compensation and penalties.
- Rights provided to consumers such as the rights to safety, be informed, choose products, seek redressal, and consumer education.
- The three-tier structure for consumer dispute redressal including district forums, state commissions, and a national commission to handle various claims based on their value.
Consumer rights in Bangladesh are outlined in the Consumer Rights Protection Act of 2009. The act established a National Consumer Rights Protection Council to oversee consumer rights practices in the country. It also gives consumers the right to safe, high quality goods and services at fair prices, as well as the right to information regarding products. There are eight basic rights of consumers including the right to safety, choice, and redress. While laws aim to protect consumers, issues still exist such as lack of awareness, illiteracy, and compromising attitudes. Strengthening consumer courts and advocacy groups can help further establish consumer rights in Bangladesh.
The document provides an overview of the Consumer Protection Act of 1986 in India. Some key points:
- The Act was passed to better protect consumer rights and establish quasi-judicial bodies to handle consumer disputes. It aims to provide simple, fast justice for issues like defective goods, poor services, and unfair trade practices.
- Consumer forums have been set up at district, state, and national levels. The Act defines relief available for different types of complaints, such as refunds for defective goods or overpricing. Compensation can also be sought for losses from negligence.
- The objective is to interpret the law in favor of consumers and provide maximum relief. It is not intended to provide loopholes for large businesses
This document provides an overview of consumer rights and protections in India under the Consumer Protection Act of 1986. Some key points include:
- The CPA was passed in 1986 to provide better protection of consumer interests through the establishment of consumer councils and dispute resolution bodies.
- It set up consumer dispute redressal agencies at the district, state, and national levels to provide simple, inexpensive, and speedy justice to consumers making complaints about defective products, deficient services, or unfair/restrictive trade practices.
- The CPA defines a "consumer" and outlines several consumer rights like the right to safety, the right to be informed, and the right to redress grievances. It aims to strengthen consumer awareness
Consumerism refers to protecting the rights of buyers in relation to sellers. It involves government, businesses, and organizations working to strengthen consumer rights and satisfaction. The document discusses how consumerism has grown in importance due to factors like increased consumer awareness, choices, and legal protections. It provides examples of laws passed in India to protect consumers from exploitation and unsafe products. Consumer rights include safety, being well-informed, having options to choose from, seeking redress for issues, and access to education about rights.
This document is a project report by Diwaker Pandey on unaware consumers and consumer rights. It discusses key topics like the definition of a consumer, common problems faced by consumers in the marketplace, the consumer movement in India, the Consumer Protection Act of 1986, consumer rights and responsibilities, and quality standard marks. The objective is to educate consumers and reduce exploitation by making them aware of their rights. It concludes that both government and consumers must work together to increase awareness of consumer rights and responsibilities.
This document provides information about consumerism, including definitions, the evolution and development of consumerism, consumer protection rights and forums, and filing complaints. It defines a consumer and consumerism, tracing the development of consumerism from the early 1900s focusing on the US, through the 1930s and gaining force in the 1960s. It outlines the basic rights of consumers, redressal forums in India, and requirements for filing a formal complaint under the Consumer Protection Act of 1986.
This document outlines the key provisions of the Consumer Protection Act 1986 in India. It begins with learning outcomes and objectives of understanding consumer rights and protections. It then defines important terms like consumer, goods, services, defects, and deficiencies. It describes the rights of consumers as well as instances of consumer exploitation.
The document discusses the salient features of the CPA 1986, including its applicability across public and private sectors. It establishes a three-tier grievance redressal system at the district, state, and national levels. Finally, it provides details on who can file a complaint and the jurisdiction and appeal process for the District Forum, State Commission, and National Commission.
09 Mba Bl Lec Nov 18 Cpa & Unfair Trade Practices FinalUmang Doshi
The document discusses the history and provisions of consumer protection laws in India. It summarizes the key points of the Consumer Protection Act 1986, including that it established consumer courts and specified six consumer rights. It also defines who qualifies as a consumer, outlines unfair trade practices, and discusses various agencies involved in facilitating consumer awareness and dispute resolution.
The document provides an overview of the Consumer Protection Act of 1986 in India. It discusses the objectives of the act, which include protecting consumers' rights and providing inexpensive and speedy resolution of consumer disputes. It also outlines important definitions, such as what constitutes a consumer. The rights and responsibilities of consumers are explained. The document also discusses amendments made in later acts as well as important case laws related to the act.
The Consumer Protection Act of 2019 in India aims to strengthen consumer protection and address modern challenges. It establishes the Central Consumer Protection Authority to promote and enforce consumer rights, including the right to safety, information, choice, and redressal. The Act also provides for consumer disputes redressal commissions at district, state and national levels to resolve consumer complaints, defines unfair trade practices, and promotes alternative dispute resolution.
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This document provides an overview of consumer protection laws and forums in India. It defines a consumer, discusses types of consumers and their rights. It describes the structure of consumer protection forums in India from district level to the supreme court. It also discusses landmark cases related to medical negligence and recent proposed amendments to strengthen consumer protection.
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A study of consumer protection act, 1986 in Banking Sector
1. A Study of Consumer Protection Act, 1986 in Banking Sector 82
A Study of Consumer Protection Act, 1986 in
Banking Sector
Dr. Manish Shrivastava1
Abstract
The Consumer Protection Act, 1986, is one of the significant socio-economic legislation
which has been enacted for protecting the interests of the consumers in India. This
is preventive and compensative in nature. The Act is intended to provide simple, speedy
and inexpensive redressal to the consumers’ grievances, and relief of a specific nature
and award of compensation. Consumerism is fast emerging as an environmental force
affecting important business decisions as consumers become more aware about their
rights. Although comprehensive statutory measures have been provided in India for
curbing unfair business practices, for protecting consumer interest, and for promoting
consumerism; companies have yet to do a lot. This paper is a study on role of Consumer
Protection Act in banking sector and researchers tried to explain that how it affects
the major decisions of the firm.
Keywords: Consumer Protection Act (CPA), Consumer, Banking Sector, Complaint.
consumer is a user of goods and services. Any person paying for goods and services
which he uses is entitled to expect that the goods and services are of a nature
and quality promised to him by the seller. The earlier principle of ‘Caveat Emptor’
or ‘let the buyer beware’ which was prevalent has given way to the aspect of “Consumer
is King”. The origin of this principle lie in the fact that in present mass production economy
where there is little contact between the producer and consumer, often sellers make exaggerated
claims and advertisements which they do not intend to fulfill. This leaves the consumer
in a difficult position with few avenues for redressal. The onset on intense competition
also made producers aware of the benefits of customer satisfaction and therefore by and
large, the principle of ‘consumer is king’ is accepted.
The need to recognise and enforce the rights of consumers is being understood and several
laws have been made for this object. In India, there are many laws like The Indian Contract
Act, The Sale of Goods Act, The Dangerous Drugs Act, The Agricultural Produce (Grading
and Marketing) Act, The Indian Standards Institution (Certification Marks) Act, The Prevention
1. Head Department of EAFM, S.S. Jain Subodh Commerce and Arts College, Jaipur.
A
2. A Study of Consumer Protection Act, 1986 in Banking Sector
Professional Panorama : An International Journal of Applied Management & Technology
83
of Food Adulteration Act, The Standards of Weights and Measures Act, The Trade and
Merchandise Marks Act, etc which to some extent protect consumer interests. These laws
required the consumer to initiate action by way of a civil suit which involved lengthy legal
process proving to be expensive and time consuming for a common man. Therefore, the
need for a more simpler and quicker access to redressal to consumer grievances was felt
and accordingly, it lead to the legislation of the Consumer Protection Act, 1986.
A Study of Consumer Protection Act Related to Banking Sector
According to the constitution of India justice is an important part in which a consumer
justice and protection is one subpart. There are number of legislations were passed by
the Indian Parliament but they fail to protect the interest of small consumers.
Redressal Mechanism
The rights of the consumers are invoked in the Indian Legal System through the mechanism
provided in the Consumer Protection Act (CPA). It provides for establishment of Consumer
Protection Councils–advisory and recommendation bodies. These Councils exist at the National,
State and District Level which are basically advisory bodies who meet at least 3 times
a year to discuss and review consumer protection measures and issues. Two thirds of the
members of these councils are non-official including representatives of women and consumer
organisations. The District Forum has jurisdiction to entertain complaints where the value
of goods/services complained against and the compensation claimed is less than Rs. 5 lakhs,
the State Commission for claims exceeding Rs. 5 lakhs but not exceeding Rs. 20 lakhs
and the National Commission for claims exceeding Rs.20 lakhs.
Procedure of Filing Compliant
A complaint shall be lodged in the District Forum within the local limits of whose jurisdiction
the opposite party or the defendant actually and voluntarily resides or carries on business,
or has a branch office or personally works for gain at the time of institution of the complaint
provided that the other opposite party/parties acquiescence in such institution or the permission
of the Forum is obtained in respect of such opposite parties; or the cause of action arises,
partly or wholly. In the same manner if consumer is not satisfied with the Judgment of
the District Forum, he/she can file an appeal to the State Commission. Similarly, appeal
against an order of a State Commission lies before the National Commission. Appeal against
an order of the National Commission has to be filed before the Supreme Court of India.
Consumer
Consumer as defined u/sec 2(1) (d) of the act, Buys any goods for a consideration
which has been paid or promised or partly paid and partly promised, under any system
of deferred payment, and includes any user of such goods when such use is made with
3. A Study of Consumer Protection Act, 1986 in Banking Sector
Professional Panorama : An International Journal of Applied Management & Technology
84
the approval of such person, but does not include a person who obtains such goods for
resale or for any commercial purpose.
‘Commercial purpose’ does not include use by a consumer of goods bought and used by
him exclusively for the purpose of earning his livelihood, by means of self-employment.
The brief of various provisions of this act are as follows:
1. It provides for the notification of Central and State Consumer Protection Councils
by the respective governments with a view to protect the rights of consumers such
as,
l the right to be protected (against hazardous goods),
l the right to be informed (about quality, quantity, against unfair trade practices,
etc),
l the right to be heard (of complaints),
l the right to seek redressal (through appropriate agencies), and
l the right to consumer education.
2. To promote and protect the rights of the consumers with regard to defective goods,
deficient services, overcharging or any unfair trade practices. It includes false statement
on quantity or grade of goods/services, false claims to sponsorship, making false and
misleading promises on the articles, false projection of the needs for or usefulness
of goods/services, giving warranty on products not based on adequate or proper test,
and the like, whether made orally or in writing or by visible representation.
A complaint can be filed by any registered voluntary consumer organisation, The Central
Government, The State Government. A complaint can be filed in the following circumstances:
If have suffered loss or damage as a result of any unfair trade practices adopted by the
trader, if the services hired/availed of suffer from deficiencies in any respect, if excess
price is being charged or the goods hazardous to life and safety, when used.
Consumer Protection Act in Banking Industry
According to the act, “Consumer”, section 2(1)(d) of the Act, includes a person who hires
or avails of any service for a consideration. So, in banking transactions, a customer of
a bank who has a bank account or a person who purchases a bank draft, hires locker
facility or obtains bank guarantee from a bank or any other facility obtained from bank
are all “consumers” and can prefer complaints for “deficiency in service” or for “restrictive
trade practice” or “unfair trade practice” adopted by the bank. A person who has applied
for shares is a consumer, contrary to the general misconception that an applicant for shares
prior to their allotment cannot be a consumer. The reason behind is the judgment of the
Supreme Court in the case of Morgan Stanley where the Supreme Court interpreted the
4. A Study of Consumer Protection Act, 1986 in Banking Sector
Professional Panorama : An International Journal of Applied Management & Technology
85
provisions of the Consumer Protection Act prior to its amendment in June 1993, and held
that an applicant cannot enjoy the status of a consumer prior to allotment. Fortunately,
the CP Act, was amended in 1993 so that prospective consumers, who have agreed to
purchase any goods, would also have a right to file a complaint. Applications for shares
are mostly made by tendering the application to specified banks appointed by a company
for that purpose. These banks are required to process the applications by presenting the
applicant’s cheque for clearance and then crediting the proceeds to the company’s account.
Subsequently, the company allots the shares or sends the refund order in accordance with
the scheme of allotment. Many times, during this processing, the bank misplaces or loses
some application forms. Due to a mistake in feeding the details on computer, some cheques
are returned for re-presentation after correcting the relevant mistakes. Instead for making
the necessary correction and re-presenting the cheque, the bank sleeps over the matter,
and by the time the applicant comes to know of this fact, the issue has already closed.
In these cases, the applicant’s money has not been received by the company floating the
shares, and hence he would not be entitled to allotment of shares by the company. Here,
action would lie against the bank and not against the company. No, the bank cannot wriggle
out by raising such an excuse. The bank is doing this work on a commercial basis and
is being paid by the company to accept applications on its behalf. Hence, even though
the applicant may not be paying service charges to the bank, the service is not free. The
applicant thus becomes a beneficiary of the services hired by the company, and hence
is entitled to file a complaint against the bank for its negligence and deficiency in service.
A complaint against the bank can be filed. To provide more attention to the definition of
the word consumer, the following cases are there in the court got the result in the favour
of customer:
1. Punjab and Sind Bank vs. Manpreet Singh [1994 (3) CPJ 532], it was held by the
Punjab State Commission that a savings bank account holder is a consumer under
the Act. It was observed that difference in the landing and borrowing rates is the
consideration for rendering services by the bank. It was also noted that even if the
bank does not charge for providing cheque facility to the account holder, it cannot
be said that the same is given without consideration. Actually, the cheque book facility
is obtained by the depositor in consideration of his putting funds at the disposal of
the bank.
2. Vimal Chandra Grover vs. Bank of India [2000 (2) CPJ 11 (SC): AIR 2000 SC
2181], In this case it was argued before the Supreme Court on behalf of the bank
that the appellant, who took overdraft facility from the bank by pledging shares, is
not a consumer within the meaning of the consumer Protection Act. The Supreme
Court repelled the arguments of the bank and held that bank is rendering service
by providing overdraft facilities to a consumer, which is not without consideration.
Bank is charging interest and other charges as well in providing the service. Provision
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for overdraft facility is certainly a part of the banking and falls within the meaning
of “service” as provided in section 2(1)(o) of the Act.
3. Shobhatai Daulatrao Talekar vs. Maharashtra Rajya Shahakari Krishi & Gramin
Development Bank [2004 (2) CPJ 349], in this case the issue before the Maharashtra
State Commission was the justifiability of the order of the District forum holding that
the Forum had no jurisdiction to entertain the dispute since the complainant was a
member of the defendant bank which was registered under the Maharashtra Cooperative
Societies Act, 1961 and that being so, the jurisdiction would lay before the co-operative
court and not before the consumer court.
It held that the nature of service hired by the complainant pertains to the banking business
which is permissible by the bank to undertake under the provisions of the Reserve Bank
of India Act and the Banking Regulation Act, 1949 and as such, would be squarely amendable
to the jurisdiction of a consumer forum as per the definition of “service” under section
2(1)(o) of the Act. The State Commission further held that the jurisdiction of the consumer
is also not ousted in view of the provisions of section 3 of the Act, which provides an
additional remedy over and above those available in the other statutes to the parties. At
the same time the following cases should be studied. These cases are held under the Consumer
Protection Act does not apply to banks. Some of such specific cases are as following:
a. T.A. Abrahim vs. RBI [2001 (3) CPJ 293], in this RBI also came within the purview
of the Consumer Protection Act. The issue before the Kerala State Commission was
that the complainant had applied for a loan under the Housing Facility Scheme of
the RBI, of which he was the employee. He claimed that he suffered loss and
inconvenience due to delay in sanctioning of loan, which amounted to deficiency of
service and for which he was entitled to compensation. The District Forum held that
the complaint was not maintainable, but the State Commission before whom appeal
was preferred by the complainant, held that availing a loan from an institution like
RBI could be treated as “service” within the meaning of section 2(1)(o) of the Act
as the opposite party’s character as a banking institution cannot be in dispute. Further,
as per the definition of “consumer” in section 2(1)(d)(ii), it is not necessary that actual
consideration should pass to the opposite party simultaneously with the availing of
service. The said definition envisages the consideration as the one, which is promised
also. The State Commission noticed that when a person applied for loan and get
the loan on sanctioning the same, the amount would carry interest. The same should
be treated as consideration.
b. Virendra Prashad vs. Reserve Bank of India [1991 (1) CPJ 336(NC)], In this case
a complaint was filed before the National Commission stating that the complainant
was eligible for certain advantages in his foreign currency/ rupee bank accounts but
these facilities were denied by bankers on the instructions from the RBI. The National
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Commission held that here was no contract of service between the complainant and
the RBI and the RBI was merely discharging its statutory function. Hence, it was
outside the purview of the Consumer Protection Act.
c. IDBI vs. Krishnendu Ghosh [1996 (2) CPR 155] In this case the complainant applied
for the post of Deputy Manager (legal) along with a D.D. of Rs. 50/- as examination
fee. The interview letter was received by him on the same day on which interview
was to be held. The bank rejected the request for e-scheduling. A complaint was
filed claiming compensation for injury and mental shock. The National Commission
held that payment of Rs. 50/- as examination fee was not consideration for hiring
or availing of the services of the bank. Therefore, the complainant was not “consumer”.
d. D. Yeshodharan vs. Canara Bank [1994 (3) CPJ 63], In this case, a complaint was
lodged for denial of service benefits to an employee of the bank. National Commission
held that the Consumer Court is not the correct forum for settling employer-employee
dispute as an employee is not a consumer.
Below are the cases in which bank held liable for deficiency in service. In a large number
of cases, banks have been pulled up for deficiency in service and compensation has been
awarded to complainants by the Consumer Courts. Some of the important cases are analysed
here under :
i. Refund of Bank deposit: P. Nabhushanrao vs The Union Bank of India (App dat
28/1990 Result 9/11/90), By the state forum, Hydrabad, Andra Pradesh in this the
applicant applies for the refund of money of the deposit certificate, the bank delayed
the payment of the same. The forum declares that the Bank was delayed the payment
so this is consider as negligence of the service by the bank.
ii. Wrongful dishonor of Bank Draft: SBI vs. N. Raveendran Nair [1992 (2) CPR 400],
In this issue bank refused to en-cash the demand draft on the ground that the signature
of one of the two officials of the bank was missing. The State Commission held
that the dishonor of the draft was due to the fault of the bank, and therefore, there
was deficiency in service by the bank. A compensation of Rs.19,500/- was awarded
by the Commission for the inconvenience and mental agony caused. The National
Commission dismissed the appeal of the bank against the judgment of the State
Commission.
iii. Non-credit of cheque collected: In Sovintorg (India) Ltd. vs. SBI [1999 (2) CPJ 4
(SC)], the issue before the Supreme Court was that the proceeds of the cheque
deposited with the bank for collection were not credited to the account of the complainant
though the same were collected by the bank. The State Commission awarded only
interest of 12 percent for withholding of the customer’s money against the complainant’s
claim of 24 percent interest and payment of compensation. The National Commission,
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on appeal by the complainant, confirmed the order of the State Commission. On further
appeal before the Supreme Court by the complainant, the Apex Court partly allowed
the appeal by directing the payment of interest at the rate of 15 per cent but refused
the claim of payment of compensation on the ground that the allegation of negligence
was not proved.
iv. Non-issuance of proper receipt: Where the bank did not adjust the loan repaid in
its books nor issue proper receipt to the complainant, the award of compensation
by the District Forum for deficiency in service was confirmed by the Chattisgarh
State Commission in Jila Sahakari Kendriya Bank vs. Sarda Ram Nayak [2004 (2)
CPJ 534].
v. Payment of lower rate of interest: In Abha Bhanthia vs. SBI [2004 (2) CPJ 138],
the complainant had made an F.D. with the bank, which carried interest at the rate
of 11.25 per cent as per the receipt issued. On maturity, bank paid lower interest
@ 10.5 per cent. It was stated by the bank that the said rate of interest was the
prevailing rate as per the directives of the RBI. The District Forum held that there
was no deficiency in service by the bank as it followed the RBI directive. On appeal
by the complainant, the State Commission held that the bank was obliged and under
liability to pay interest as agreed by it and any omission or inadvertence on the part
of the bank employees would not adversely affect the rights of the appellant depositor.
vi. Default by bank’s agent: In Uco Bank vs. Surendra Kumar Bara [2004 (3) CPJ
472], In this case, the issue before the Orissa State Commission was that the complainant
had opened an account with the bank under a scheme called Laghu Bachat Yojana.
An agent of the bank used to collect the deposits from the complainant periodically
and make entries in the passbook issued by the bank under his initial. The agent
of the bank misappropriated a part of the money. The Commission directed the bank
to refund the amount misappropriated by its agent along with interest and also to
pay compensation for mental agony, harassment and cost of litigation.
vii. Interest not paid on excess amount deposited in violation of PPF rules: In a rather
interesting case in SBI vs. P.S. Krishnan [2004 (2) CPJ 579], the Tamil Nadu State
Commission was asked to adjudicate upon a case where the complainant had deposited
a sum of Rs. 8,50,000/- in his PPF a/c during the F.Y. 1995-96. After a lapse of
time, the bank informed the complainant that interest on the PPF a/c would be given
on a total sum of Rs. 60,000/- only. The bank returned Rs. 7,90,000/- to the depositor
without any interest. It was contended on behalf of the bank that the deposits in
the PPF account are credited to the government account and do not form part of
the bank’s deposits. As per the rules of the PPF account, the maximum limit of
deposit is Rs. 60,000/-. The bank is bound by the rules and is not liable for the
alleged deficiencies in service.
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It was held by the Commission that the brochure issued by the Directorate of small savings
clearly stated that the deposits up to Rs. 50,000/- will qualify for deduction of income tax
under section 88 of the I.T. Act and the interest on the balance held in the public provident
fund account is absolutely free from tax. The act of the bank in retaining a huge sum
of Rs. 7,90,000/- for nearly a year and returning it without interest is definitely an unjustified
act. The Commission also held that the banks entrusted with the public money are in the
position of a bailey and they have to function with caution and care that is expected of
a bailey. Even if the complainant was ignorant of the rules, the bank authorities ought to
have been more vigilant when such a huge deposit was received by them. The Commission
went to the extent of saying that the banking authorities had gone against the professional
ethics in denying the interest, which the complainant was legitimately entitled to. The Commission
also held that to retain one’s money and deny that person the right of interest on that
amount would definitely amount to “unfair trade practice” and fall within the purview of
the Consumer protection Act even otherwise.
Conclusion
Consumer Protection Act can be explained as common mans civil court. The Act is designed
to make available cheap and quick remedy to a consumer. The object of the act is to
protect the consumer forum the exploitative and unfair trade practices to provide inexpensive,
easily accessible and speedy remedy. Analysis of the various judgments of the Consumer
Courts reveals that they have not only been awarding the value of the goods or services
for the defect and deficiency in service but also the compensation for the mental agony
and harassment. It is seen that in these cases against the injustice consumers are in problem
against the bank. But the justice seems to have prevailed under the aegis of the Consumer
Protection Act. It has been found that there is a positive justice to the consumers against
the faulty banking services.
References
1. Tiwari, O.P. (2007), Consumer Protection Act, Allahabad Law Agency.
2. Subzwari, Arshad, Consumer Protection Act 1986, Law Vision, Allahabad.
3. Pandit, M. S. and Shobha Pandit, Business Law, Himalaya Publishing House.
4. Mahajan, Mukund, Banking Law and Practice in India, Nirali Publication.