TIL Desk/Business/Mumbai-RBI today said bank employees involved in marketing third party retail products and wealth management services “must necessarily undergo” an appropriate certification process to check mis-selling and minimise customer complaints. In cases where other financial sector regulators have prescribed any certifications, these must be complied with as part of capacity building in banks and financial institutions (Exim Bank, NABARD, NHB and SIDBI), it said.
In July 2014, RBI had set up a ‘Committee on Capacity Building’ with the objective of implementing non-legislative recommendations of the Financial Sector Legislative Reforms Commission (FSLRC) relating to capacity building. The panel made extensive suggestions related to overall Human Resource Management (HRM), as also specific recommendations on areas like recruitment, performance assessment and promotion.
RBI said “it is felt” that recommendations pertaining to the banks may be implemented by them based on their organisational objectives and business strategies, after taking approval from their respective boards. “Banks should identify specialised areas for certification of the staff manning key responsibilities,” it said, while listing recommendations for implementation.
