Module: General Practice
Q15: According to the RBI guidelines, what is the maximum time allowed for a bank to seek feedback from a customer after selling a financial product or service?
✅ Correct Answer: A
The correct answer is within a maximum period of 30 days.
This required feedback system is created to make sure the customer clearly understands the features of the product and the risks involved with it.
The bank has to pick customers randomly to get this feedback through call-backs or surveys.
To keep things fair and objective, this process must be done only by a bank department or group that has absolutely nothing to do with selling products or services.
This required feedback system is created to make sure the customer clearly understands the features of the product and the risks involved with it.
The bank has to pick customers randomly to get this feedback through call-backs or surveys.
To keep things fair and objective, this process must be done only by a bank department or group that has absolutely nothing to do with selling products or services.
🧠 Real-World Scenario:
Imagine a customer buys a complex mutual fund from a bank agent. Suddenly, three weeks later, they get a call from a different bank department asking if they truly understood the risks.
According to the rules, they can use this call to report if the agent lied to them. This means the RBI forces a neutral third party to double-check every sale within 30 days to catch mis-selling early.