........To turn these stories into evidence, RBI needs to first stop being in denial. All attempts to alert RBI in the last seven years have run into the “it-is-not-my-problem” wall. It has been RBI’s considered view that mis-selling by bank staff is the problem of the product regulators and not of RBI. This is like a hospital blaming the pharma company for the medicine when it is the doctor who prescribed the wrong drug and harmed the patient. The medicine was not harmful, but was “unsuitable” for the disease the patient had. Much like an artist with irregular income wanting a fixed deposit for a lump sum she had, being sold a 15-year annual premium life policy by a bank that is always awake..............
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