OVERVIEW OF THE CONSUMER PROTECTION CELL

The Consumer Protection Cell (CPC) under Legal Service Division, Royal Monetary Authority works to protect consumers from financial misconduct through education, policy-making and monitoring and tracking of complaints resolution.

The CPC aims to deliver on its consumer protection mandate in the context of three important desired consumer protection outcomes:

  1. Vision
    • To redress aggrieved consumers, promote fair trade practices, empower and enhance consumer confidence in the financial services in the country
  2. Mission
    • To promote and protect through institution of effective and fair redressal mechanism/s for the clients aggrieved with the services of Financial Institutions;
    • To provide the platforms to escalate the maters to the RMA if the clients of FIs are still dissatisfied with the decisions of the FIs; and
    • To continue to ensure customers' confidence in the financial services

The CPC mandates the financial service providers to adopt the following principles in order to redress aggrieved consumers, promote fair trade practices, empower and enhance consumer confidence in the financial services:

  • Disclosure & Transparency: provide adequate and accurate information on the financial services and products;
  • Fair business conduct: Establish appropriate mechanisms to ensure fair and equitable business conduct
  • Data protection & privacy: Establish appropriate mechanisms to safeguard the privacy of the consumers' and the FSPs
  • Redress or Dispute resolution mechanism: Establish a redress mechanism with appropriate and adequate measures

The Process menu option will have explanations on "The lodging of a complaint/s" and "The timeline for resolving of the complaints". The procedure for lodging of complaints is divided in Stages, "Stage I" and "Stage II".

  • "Stage I"

    • "Stage I" refers to the lodging of complaint in the FSPs (Financial Service Providers). The first step of any complaints is being lodged in the relevant FSPs

  • "Stage II"

    • The second stage refers to complaint being lodged at the RMA, ONLY after the complaint has gone through the respective FSPs. Any complaint coming directly to RMA without being routed through the relevant FSPs will not be entertained by the RMA. As for the timeline, it is in the form of a flowchart which has been divided into "Levels", "Level I" and "Level II".

    • "Level I" refers to the timeline for the FSPs.
    • "Level II" refers to the timeline for the RMA.

    The total timeframe for both levels is 45days. Other than acknowledging a complaint filed within a maximum of 3 working days, the rest of the day can be divided however depending on the FSPs' complaint handing mechanism. The complaint needs to be resolved and the resolution needs to be delivered to the consumer with the 45days time period.

Toll free numbers of the Financial Service Providers:

Sl. Financial Service Provider Contact
1 Bank of Bhutan Limited 1095
2 Bhutan National Bank Limited 6070
3 Bank Development Bank Limited 1424
4 Druk Punjab Bank Limited 1313
5 Tashi Bank Limited 7070
6 Royal Insurance Coporation Limited 1811/1511
7 Bhutan Insurance Limited 2011
8 National Pension and Provident Fund 1039
9 REDCL 1580
10 RENEW 332159/334751/332411
11 BAOWE 329125
12 Tarayana Foundation 329333
13 Bhutan Care Credit Limited 330461/330462
Email us at/ Write to US
dchoden@rma.org.bt
Ms. Dorji Choden
Trainee Officer, Consumer Protection Cell
Legal Services Division, Governer Office
Royal Monetary Authority

IMPORTANT NOTE: When giving out the contact points, it is very important to let the consumers know that RMA is and should be visited ONLY AFTER the complaint has gone through the FSPs first. Otherwise, they will not be entertained

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