Module: General Practice
Q9: As per the RBI guidelines, what is the maximum time allowed for a bank to update the public list of its empanelled Direct Selling Agents on its website after any modification?
✅ Correct Answer: A
The correct answer is within seven calendar days of the modification.
Banks have to keep a public list of their Direct Selling Agents and Direct Marketing Agents on their website.
This public list must show the agent's name and whether they are a company or a person.
It must also show their registered address and the dates they are hired to work.
Finally, the list must clearly show the financial products or services they are allowed to handle for the bank.
Banks have to keep a public list of their Direct Selling Agents and Direct Marketing Agents on their website.
This public list must show the agent's name and whether they are a company or a person.
It must also show their registered address and the dates they are hired to work.
Finally, the list must clearly show the financial products or services they are allowed to handle for the bank.
🧠 Real-World Scenario:
Imagine a Bank fires a Direct Selling Agent on a Monday for bad behavior. Suddenly, on Thursday, that fired agent tries to sell credit cards to locals pretending he still works there.
According to the rules, they can protect the public because the bank is forced to remove his name from their website within 7 days. This means customers can always check the website to see if an agent is genuine.