Module: General Practice
Q17: Under the RBI guidelines, what is the default time limit for a customer to lodge a mis-selling complaint if no alternative timeline is set by the relevant financial sector regulator?
✅ Correct Answer: B
The correct answer is within 30 days of receiving the signed copy of the agreement.
The main deadline always depends on the rules created by the financial regulator that controls the product.
But, if there is no rule given by that regulator, this thirty-day window acts as the backup deadline.
This backup time limit is counted directly from the moment the customer gets the physical or digital signed contract, giving them time to register their mis-selling complaints directly with the bank.
The main deadline always depends on the rules created by the financial regulator that controls the product.
But, if there is no rule given by that regulator, this thirty-day window acts as the backup deadline.
This backup time limit is counted directly from the moment the customer gets the physical or digital signed contract, giving them time to register their mis-selling complaints directly with the bank.
🧠 Real-World Scenario:
Imagine a customer signs up for a new bank account, but only receives the physical contract in the mail 10 days later. Suddenly, reading the fine print, they realize the agent lied about the monthly fees.
According to the rules, they can file a formal complaint without penalty, because the 30-day clock only starts the moment they actually receive that contract document. This means customers always have a guaranteed safety window to review what they bought.