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Business
New RBI Rule: Customers to Get Refund or Compensation for Mis-Sold Products
📖 VG Khabar
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 ruleBanks and financial firms cannot sell products using false or misleading informationWhere unfair selling causes a customer loss, refunds or compensation are providedThe 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.