Mumbai: Concerned over “mis-selling” of third party products like insurance by banks, the Reserve Bank has warned of regulatory action against them. The Reserve Bank has also asked the Indian Bank’s Association (IBA) to come out with an appropriate industry practice in this regard.

RBI Governor Raghuram Rajan said the findings of some recent incognito visits undertaken by the RBI on sale of third party products by banks and a study undertaken by some academicians/ consumer activists, had “hinted” at mis-selling of products.

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