“Banks should not be selling third-party products,” RBI deputy governor: “My view is that banks should not be selling third-party products. In fact, life insurance has been in India since independence, but till 1994-95 there were no banks selling insurance or mutual fund products.” says Dr KC Chakrabarty. RBI’s new guidelines to regulate banks’ wealth management operations and third party product distribution would be released by the end of June. It also aims to strengthen the know your customer (KYC) norms, anti-money laundering (AML) standards and rules to combat financing of terrorism.
Posted on: Sat, 08 Jun 2013 18:09:24 +0000
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