One inch at a time

..........The fact is that neither the RBI nor banks have any control over design, marketing, advertising and after-sales of third-party products. How can bankers treat customers fairly when, as per a tie-up with an insurance company, they are supposed to sell a life insurance product that will give, say, a five per cent return and offer minimal insurance cover? They will hardly apply their minds to the question of whether this is in the interest of their customers - unless, of course, the RBI first creates elaborate rules (the spirit of which should be "caveat venditor") and then penalises a few banks that are found to be flouting them. The RBI is far from doing this. It seems utopian to first allow banks to blindly sell anything they can - often turning tellers into hustling salesmen - and then to suddenly ask them to treat customers fairly......

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