RBI plans radical overhaul of customer protection norms

In measures aimed at protecting banking consumers, the Reserve Bank is in the process of formulating strict guidelines to discourage lenders from mis-selling and to hold them accountable for all products they are offering. “From the principle of ‘caveat emptor’, Latin for ‘buyer beware’, we have to move to the principle ‘caveat venditor’, Latin for ‘seller beware.’


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