......The RBI issued a separate master circular on customer services in July last year, a 95-page clerical masterpiece that even includes a "Format for Comprehensive Notice Board" at the branches. But not a word about distribution of third-party products; as though malpractices in such distribution don't even exist. By the way, the RBI does not even mandate that banks should not sell unregulated products. The RBI has promoted something called Banking Codes and Standards Board of India. BCSBI has a 39-page banking code on customer services. There are two small problems with it: one, the code is voluntary; and two, there is not a word in it about ethical selling of third-party products. The RBI's message to banks: mis-selling is not an important issue to the regulator............
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