RBI warns banks, says refund customers for mis-selling if proven
India Today
Over the past few years, concerns have been raised about customers being pushed into buying insurance, mutual funds or other third-party products without fully understanding them.
The Reserve Bank of India has issued draft rules to stop mis-selling of financial products by banks and to protect customers from being forced to buy unwanted products.
The draft, called the Reserve Bank of India (Commercial Banks – Responsible Business Conduct) Amendment Directions, 2026, will come into effect from July 1, 2026.
Under the proposal, banks will have to refund customers in full if mis-selling is proved. They will also have to compensate customers for any losses caused due to such mis-selling, as per their approved policies.
The new draft rules are aimed at improving how banks advertise, market and sell financial products and services.
Over the past few years, concerns have been raised about customers being pushed into buying insurance, mutual funds or other third-party products without fully understanding them.
In November last year, Union Finance Minister Nirmala Sitharaman had asked banks to curb mis-selling and protect public trust in the banking system.
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