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Thursday, 2 May 2013

RBI scanner on banks selling gold products

The Reserve Bank is looking into the sale of gold coins and gold-related investment products by about 30 banks to find out whether their employees are mis-selling such products to customers.

The move follows complaints of customers being induced by bank employees and others within bank premises to purchase gold coins, gold-related investment products and other wealth management schemes.

The central bank is studying the business practices of 30 banks to ascertain any mis-selling of these products and to find whether such products are being sold as a pre-condition for offering the regular banking services, sources said.

RBI is also looking into complaints that bank staff are being pressurised by their seniors to sell gold coins and other gold-related products in lieu of incentives. Read more

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