Читать книгу The Political Economy of the BRICS Countries - Группа авторов - Страница 110

Efforts at financial inclusion need to be strengthened on the demand side by ensuring significant investments in financial literacy. This assumes relevance if the poor are to make effective use of various initiatives towards fostering financial inclusion. This should include not only basic financial literacy, but also sector-focused financial literacy or, even for that matter, product-driven financial literacy so that the poor are not short-changed. Efforts to promote financial literacy need to start early and include both conventional (e.g. school curriculum, dedicated websites, self-help groups) and unconventional (e.g. time slots during high-impact TV programs, toll-free helpline) delivery channels. The funds set aside by various regulators for this purpose need to be seamlessly integrated as part of the overall agenda.

Grievance redressal for customer complaints in banks also need imaginative thinking. Despite repeated exhortations, banks often penalize customers for minor violations, whereas any deficiency in service on their part are often not addressed expeditiously. The challenges in decoding and understanding the fine print from the large volume of convoluted information leads to an unequal relationship where the principal (i.e. the depositor) is actually far less powerful than the agent (i.e. the bank). The significant volume of complaints received by banks in regard to basic areas such as deposit accounts and even failure on non-observance and non-adherence to defined practices is ample testimony in this regard. As of end-March 2017, a total of 119678 complaints were received at Banking Ombudsman Office, of which 68 % pertained to public sector banks. Across ownership, issues relating to ATM/Credit and Debit cards were the most common, accounting for 13% of the complaints in public banks and 7% in private banks. The problem is all the more imposing for less sophisticated rural consumers, who are often unaware as how best to quickly and efficiently obtain a fair and cost-efficient solution to their grievances (Box 4).