Mumbai, Feb. 11 -- The Reserve Bank of India (RBI) on Wednesday issued draft amendment directions aimed at strengthening regulations governing the advertising, marketing and sale of financial products and services by regulated entities, including banks and non-banking financial companies (NBFCs).

The RBI said it has decided to introduce comprehensive guidelines covering advertising, marketing and sales practices for all banks and NBFCs. The proposed framework will also apply to third-party financial products and services.

The draft amendments, issued pursuant to the announcement made in the Monetary Policy Committee (MPC) meeting, seek to modify existing "Responsible Business Conduct" directions across a wide range of regulated entities...