The RBI has taken an important step for banking customers. According to reports, the Reserve Bank of India (RBI) has issued a new framework to curb mis-selling.
The rule
- Banks and financial firms cannot sell products using false or misleading information
- Where unfair selling causes a customer loss, refunds or compensation are provided
The move can help protect ordinary customers from being pushed unsuitable insurance, investment or other financial products. Customers are advised to read the terms carefully before buying any product.
