..........Already, between the regulatory gaps of RBI and the Insurance Regulatory and Development Authority that regulates the insurance sector, banks have ensured that consumers lose Rs 1.5 trillion (that’s Rs 150,000 crore), according to a recent paper by the Indira Gandhi Institute of Development Research. This money has been pocketed largely by distributors in banks. But instead of learning from this colossal loss to many of them in rural areas, and tightening systems, the RBI is cheering the banks on. Unless, RBI changes its philosophy of fines and behaves like the regulator we expect, scams will continue to lurk in dark corners of finance’s first stop.
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