New Delhi, Feb. 23 -- Union Finance Minister Nirmala Sitharaman on Monday in a message ot the banks said, "You cannot afford to mis-sell. Mis-selling is an offence."

Addressing a press conference, post customary post-Budget meeting with Central Board of Directors of the RBI, the Finance Minister said, "I am glad that the RBI is coming up with guidance on why mis-selling is not going to be entertained. The message should go to the banks that you cannot afford to mis-sell. Mis-selling is an offence..."

Speaking further on the issue of mis-selling, the Finance Minisre said, "the insurance regulator viewed bank-led sales as outside its remit and the RBI treated insurance as a non-banking activity. In between was caught up on their customer,...