RBI has done more for customers than Sebi and IRDA but it has also often argued that it will not interfere when it comes to products that already have an independent regulator. This is unfair to customers who repose enormous trust in banks

Sucheta Dalal

The true measure of a financial regulator’s success ought to be what it does to win the trust of its largest stakeholders—the consumers of financial services. What do these stakeholders usually want? Well, safety of transactions, appropriate regulation and supervision, swift action against wrongdoers and refund of their money through disgorgement of ill-gotten profits. How do our financial regulators measure up to this standard? In our assessment, the Reserve Bank of India (RBI) is a relatively more receptive regulator in the financial sector. And, while we may want it to act faster and to do a lot more, it moves in the right direction most of the time. Consider this:

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