Banking · Banking Regulations and Consumer Protection
The Consumer Protection Act 2019 introduced several provisions to address the evolving requirements of digital consumers in India. Which specific mechanism under the Act is designed to handle consumer requirements for speedy redressal of grievances related to unfair trade practices in the e-commerce banking sector?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The establishment of the Central Consumer Protection Authority (CCPA) with powers to initiate class action suits.✓
- 2The mandatory appointment of a Chief Compliance Officer at every local bank branch to handle digital fraud cases.
- 3The creation of a separate judicial wing within the Reserve Bank of India to override consumer court decisions.
- 4The elimination of the requirement for consumer consent before sharing transaction data with third-party marketing firms.
Correct answer
The establishment of the Central Consumer Protection Authority (CCPA) with powers to initiate class action suits.
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