Push banks as brokers, not agents

.........so far the banks have been unwilling to rise to the occasion mainly for two reasons: one, as the report notes, banks’ unwillingness to assume a greater responsibility in the sales process and two, the Reserve Bank of India’s (RBI) reservation in allowing banks to become brokers. Satwalekar notes that RBI is wary of the banks taking on the role of a “broker” as it would mean that they assume the role of a “principal” in the sale process with the consequential responsibility and potential risk..............

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