RBI most known regulator among Indians: Survey
MDT/PTI 15 October 2012

About 74% of those who know these regulatory agencies have reported benefiting directly or indirectly from their regulations, says the survey

New Delhi: The Reserve Bank of India (RBI) is the most known regulator followed by electricity and telecom sectoral watchdogs, Telecom Regulatory Authority of India (TRAI) and Central Electricity Regulatory Commission (CERC), reports PTI quoting a study by CUTS International.


"Awareness regarding regulatory bodies is limited to recognition of their names and knowledge about their basic mandate," according to the study prepared by CUTS International, a non-governmental organisation (NGO) with support of the Consumer Affairs Ministry.


Geography-wise, the awareness regarding regulatory agencies is highest in northern and western region as compared to other three regions, it said.


The study also observed that "about 74% of those who know these regulatory agencies have reported benefiting directly or indirectly from their regulations, while the remaining 26% respondents do not agree to this".


The survey "State of Indian Consumers 2012' conducted in 22 states and union territories with a sample size of 11,499 highlighted that among eight regulators, RBI was widely known among people with 40% respondents saying they recognise at least the name of the regulator.


The next in terms of people's awareness were the TRAI (27%), CERC (26%), Pension Fund Regulatory and Development Authority-PFRDA(25%), Insurance Regulatory and Development Authority-IRDA (24%).


The least known regulators were Securities and Exchange Board of India (SEBI) and Food Safety and Standards Authority of India (16% each) and Forward Markets Commission-FMC (8%), the study revealed.


On awareness about government laws that seek to protect consumers, the study said, only about 20% were aware of the Consumer Protection Act or had heard about the act.


Awareness regarding consumer protection and related acts is highest in southern region as compared to other regions, it added.


"It is the best known act followed by Weights and Measures Act and Food Safety and Standards Act. Legal Metrology Act, Contract Act and Competition Act are the most uncommon acts recognised by least number of respondents," the study said.


The purpose of the study was to understand the real status of the common consumers at grassroots with regard to level of awareness and in terms of realising the basic consumer rights, it added.

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