New Delhi, Feb. 6 -- The Reserve Bank of India (RBI) on Friday announced a series of measures aimed at strengthening customer protection, enhancing digital payment safety and curbing mis-selling of financial products, alongside its latest monetary policy decision.
Mis-selling financial products and services by any Regulated Entity (RE) has significant consequences for both customers and the RE. There is a felt need to ensure that third-party products and services that are being sold at the bank counters are suitable for customer needs and are commensurate with the risk appetite of individual clients, RBI Governor Sanjay Malhotra said.
"It has, therefore, been decided to issue comprehensive instructions to REs on advertising, marketing and...