......The Reserve Bank of India, in a bid to keep things simple for the consumer, ensure more transparency on part of the manufacturer, the financier and the retailer and to protect the consumer from such complexities, issued instructions to commercial banks to desist from practices that thwart fair and transparent pricing of products including the most prevalent zero per cent loan and subvention schemes............
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The observation “The RBI has raised an alarm once again to protect consumers but one needs to be careful on occasions when retailers dangle schemes which may look attractive but may ultimately prove to be a bad financial decision.” need to be seen in the wider context of government’s and regulators’ concern to protect public (read consumer’s, in this context) interest. If the approach is broadly understood, there will be more awareness about the need for vigil on the part of consumers and a better understanding of the concept of ‘self regulation’ by organisations handling public funds and those doing ‘business’. Transparency is not a bad word!
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