New Delhi, Aug. 14 -- Insurance mis-selling at banks is an open secret. Even Union finance minister Nirmala Sitharaman and Reserve Bank of India (RBI) governor Sanjay Malhotra have acknowledged it at public forums, yet little has changed. Customers who were mis-sold policies continue to bear the brunt.

Jeet Singh Bisht, 74, a Delhi-based retired businessman and customer of a small finance bank, was persuaded by the bank's team to buy two investment-cum-insurance plans. The promise was simple: Pay a premium once and receive a lump sum after 10 years.

However, just a year later, the terms appeared to change. He was told that annual payments would be required for at least five years-contradicting the original assurance. His appeals to the ...