Over 82% respondents say banks should not sell third-party products - Moneylife

Over 82% respondents say banks should not sell third-party products - Moneylife

My VIEW:

As mentioned in the article, the sample may not be representative of the banking public. But, if this is the position in metro and urban areas, the extent of exploitation in semi-urban/rural areas can be guessed. While technology has made financial transactions fast and simple, every individual has to be cautious while handling hard earned money. The sales talk in respect of financial products should not be believed without 'verification'. Unlike cosmetic products or use and throw items we purchase, based on their appearance or advertisements, one has to be verycarefule while making investment decisions. Moneylife is doing a great job by creating awareness and bringing inadequacies in product descriptions and wrong methods used in marketing to the notice of regulators. It is comforting to see that organisations like RBI is listening to the customers or their representatives and taking corrective measures.

M G Warrier

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