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RBI puts curbs on banks' sale of third-party products
The Reserve Bank of India has prohibited third-party incentives to employees of regulated entities, while allowing banks and NBFCs to reward staff for selling financial products. New norms, effective January 1, 2027, aim to prevent aggressive sales and mis-selling by ensuring customers have choices and prohibiting product bundling. Social media influencers will be treated as direct selling agents.
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thehindubusinessline.com
RBI to Banks & NBFCs: Ensure policies and practices do not create incentives for mis-selling
RBI mandates banks and NBFCs to prevent mis-selling and ensure explicit customer consent for financial products starting January 2027.
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economictimes.indiatimes.com
RBI releases final guidelines on marketing, sales incentives of financial products
RBI has prohibited third-party incentives to employees of regulated entities for selling financial products, while allowing banks and NBFCs to incentivize their own staff. New…
