Banks are not willing to ensure that the products they sell to low-income customers are suitable for them, telling the apex bank instead that customers themselves must understand their own financial needs and bear responsibility for the choices they make. In January, a Reserve Bank of India (RBI) panel led by Nachiket Mor on financial services for small businesses and low-income households had suggested that banks move from the principle of caveat emptor (let the buyer beware) to caveat venditor (let the seller beware). It proposed a legally-protected right for low-income borrowers to get suitable financial services, suggesting banks can face legal action if found selling unsuitable products to them. However, when the central bank sought feedback ..............
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