India, Feb. 11 -- The Reserve Bank of India (RBI) on Wednesday released draft amendment directions on the advertising, marketing and sale of financial products and services by regulated entities, and invited public comments on the proposals.
At present, guidelines on customer appropriateness, suitability and related issues—mainly in the context of insurance agency business—apply only to Scheduled Commercial Banks (excluding Regional Rural Banks) and Housing Finance Companies. Following a review, the RBI has decided to issue a comprehensive framework covering advertising, marketing and sales of financial products and services, including third-party offerings, for all banks and Non-Banking Financial Companies (NBFCs).
The propos...