Tighter norms to curb mis-selling

WITHIN days of announcing to come up with a stricter direction to curb the rising menace of mis-selling of financial products, mostly insurance and mutual funds, the Reserve Bank on Wednesday issued a draft direction proposing tighter norms on marketing and sale of financial products, and also banning their bundling by banks, dark patterns, apart from mandating explicit customer consent.

- BENN KOCHUVEEDAN @ Mumbai

The draft ‘Responsible business conduct amendment directions, 2026’, sets out detailed norms on advertising, marketing and sale of financial products and services by banks.