Banks should have separate wealth management unit: RBI draft

Seeking to check mis-selling of financial products, the Reserve Bank today suggested that banks should set up a separate unit for wealth management and advisory services. 

"Banks may conduct all Wealth Management Services (WMS) activities ... either from a separate subsidiary or through a Separately Identifiable Department or Division (SIDD) set up for the purpose," RBI said in its draft guidelines on Wealth management/marketing/distribution services offered by banks. 

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