Mis-selling by banks: Is it a risk factor in banking?

How deep rooted is this malaise called mis-selling in banks.

I am tempted to tell you a story. A friend had come to India – NRI from Down Under. His father insisted that he go to the bank to meet the bank manager.

Bank manager started pitching ULIP with 40% returns. Friend politely refused.

Banker asked him ‘Sir what do you do’ . He said “I teach Investment Risks Down Under and am here to do 2 lectures – one in ISB, Hyderabad and one in IIM, Ahmedabad.

Banker knew he had to back off, shut his mouth.

When I tweeted about this 7 bankers asked “Is it our bank”. I obviously said no to all of them.

Now read on

http://finance.yahoo.com/news/sales-practices-key-risk-banking-180000512.html

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