........The guidelines call for a “robust” grievance redressal mechanism, and segregation of wealth management functions in separate divisions or subsidiaries. These are important suggestions, which, however, will be difficult to implement. The former assumes a high degree of coordination among several regulators and service providers. If, for instance, a bank manager sells a totally unsuitable insurance policy, who will compensate the policyholder? In sum, there are weighty issues that the RBI will have to give further shape to in the final guidelines. The draft guidelines are, however, a step forward...............
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