RBI Tops as Most Known Regulatory Body Among Indians: Survey

According to a survey by NGO – CUTS International, the Reserve Bank of India is the most popular regulatory body among Indians followed by TRAI (Telecom Regulatory Authority of India) and CERC (Central Electrical Regulatory Commission).

The study shows that awareness about the regulatory bodies is limited to recognition of their names and knowledge about their basic mandates. Also, the awareness regarding regulatory bodies is highest in northern and western states compared to other three regions.

The survey was conducted in 22 states and the union territories with a sample size of 11,499 respondents. Out of eight regulators, the RBI was widely known and 40% of the respondents says that they recognise at least the name of the regulator.

The following list shows the percentage of awareness about other regulatory bodies:

• Telecom Regulatory Authority of India – 27%
• Central Electrical Regulatory Commission – 26%
• Pension Fund Regulatory and Development Authority – 25%
• Insurance Regulatory and Development Authority – 24%
• Securities and Exchange Board of India – 16%
• Food Safety and Standards Authority of India – 16%
• Forward Markets Commission – 8%

On awareness of government laws, 20% of the respondents are aware about Consumer Protection Act. It is the best known act followed by

• Weights and Measures Act
• Food Safety and Standards Act

Least number of people are aware about

• Legal Metrology Act
• Contract Act and
• Competition Act

The purpose of study was to understand the level of awareness and the real status of the common consumers in terms of their basic consumer rights.

Source: Financial Express,