“There has to be responsible selling of products to vulnerable sections ,” Thorat said here.
Banks sell or distribute various financial products to their customers apart from offering basic banking services. To empower the customers, all stakeholders including banks and other intermediaries should promote financial literacy in the system, she said. Financial literacy is critical, as the consumer needs to be empowered to understand risks while investing, Thorat said.
In a bid to take the benefits of banking services to the grassroots, the apex bank had initiated an array of financial inclusion programmes over the past few years.
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