RBI Cracks Down on Mis-Selling: Sakchi Jain Explains What Customers Must Know

Finance influencer Sakchi Jain shares why the Reserve Bank of India's latest draft rules are such a big moment for consumer protection, especially for anyone who has ever visited a bank for one service and walked out with multiple products they never planned to buy. The message is simple: mis‑selling is finally being questioned, and transparency is becoming non‑negotiable.

A New Push for Clarity and Fairness:

For years, customers have been nudged, pressured, or simply misled into buying insurance, mutual funds, credit cards, or add‑ons they didn't fully understand. RBI's new proposals aim to fix that by demanding explicit, unbundled, and informed consent for every product sold.

No more single‑click agreements that include multiple items. No more disguised add‑ons.

Every product must be explained clearly, separately, and honestly.

Understanding “Mis‑Selling”: What RBI Now Covers

Sakchi explains that RBI's definition of mis‑selling has expanded, and rightly so.

Now, it includes:

Selling products unsuitable for your income, age, or risk profile

Giving misleading information or hiding fees

Bundling products without choice

Selling without explicit consent

Using dark patterns (tricky digital design) to push a sale

If any of these occur, the bank will not only have to refund you fully, but may also need to compensate you for losses.

No More Target‑Driven Pressure Selling:

The draft rules also hit the root of the problem, the aggressive sales culture inside branches.

Banks can no longer use incentive structures that push employees to sell third‑party products at any cost.

The focus shifts to suitability, not sales targets.

Digital Platforms Now Under Scrutiny:

Apps and websites will be reviewed to remove manipulative tricks such as:

• Pre‑ticked consent boxes
• Fake urgency timers
• Hidden charges
• Confusing cancellation flows
• RBI wants user journeys to be clean, transparent, and deliberate.

What This Means for You:

Sakchi Jain breaks it down:

• You get clearer disclosures
• You get ra eal choice
• You get protection against pressure selling
• You get refunds if mis‑selling happens
• This shift is not just regulatory, it's behavioural.
• It restores trust, protects savings, and finally puts customers at the centre of banking conduct.

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