Mumbai, Feb 12 || The Reserve Bank of India (RBI) has proposed a ban on incentives paid by third parties to bank staff for selling insurance, mutual funds and other products to curb the mis‑selling of financial products.
Further, the central bank prohibited “dark patterns” on commercial banks' user interfaces to lure customers into purchases.
Dark pattern means "any practice or deceptive design pattern that is designed to trick users to do something they originally did not intend, by subverting or impairing the consumer autonomy, decision making or choice, amounting to misleading advertisement or unfair trade practice or violation of consumer rights," the directions read.
“It shall be ensured specifically that no incentive is directly or indirectly received by the employees engaged in marketing or sales of third-party products or services from the third party,” the draft read.