“Scams are everywhere. And they will continue to be, because every sector has finance involved. But citizens suffer because of scams, and they need to be empowered, said Sanjay Nirupam, member of Parliament, speaking on the first anniversary of Moneylife Foundation on Saturday. He also released a Position Paper on issues faced by retail investors prepared by Moneylife Foundation. Dr K.C.Chakrabarty, Deputy Governor of the Reserve Bank of India, spoke on customer issues relating to banking and para-banking services. He said, “In this country, 50% people don’t have bank accounts, 90% don’t have access to loans and 98% don’t have access to capital markets. Banks must increase their reach to rural people, and ensure better service.” He also said that there is a need for effective regulatory forum, and there should be a system to resolve the issues. Customers must raise their concerns and demand justice. Speaking on the problems faced by the customers in banks, he said, “India is a big country, and I agree there are many problems. Unfortunately, banks are not properly equipped, technologically or otherwise, to solve the problems and provide good service. There needs to be a strong movement. But the citizens should also understand that there are certain limitations, many of them are legal.” Moneylife Foundation was launched by Mr Sanjay Nirupam a year ago on 6th February.
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