.... The banking ombudsman scheme is working well and has successfully brought down the level of consumer grievances in the retail lending sector. RBI also monitors “consumer unfriendly practices” and makes sure that the banks are “persuaded” to give up such practices. A case in point is the manner in which most major banks have agreed to waive prepayment charges on existing floating rate loans (even where the contracts with the consumer provided for such a charge).....
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