To curb mis-selling, RBI should get banks to reward customer-orientation

Banks could develop a matrix that indicates which products are potentially suitable for a customer, ranking them by priority. This prioritization should be based on a risk analysis of product features, risk-return attributes, time horizon, complexity, fee structure etc, mapped to the customer’s age, income, level of financial literacy and risk tolerance. A full analysis would still have to be undertaken at the time of sale.