#StandupAgainstMisselling #MakingFinanceFun #BewareOfMisselling
We have started the Fun & Finance series with an aim to make finance more fun and relatable via short 1 min stories by using fables or interaction with customers etc. We will try our best to help you learn something new in finance via these short stories.
In a forest, a homeless Porcupine was lost. At last, he found a little sheltered cave, where a family of snakes lived.
He asked them to let him share the cave with him, and the Snakes kindly agreed.
Later, the Snakes realised that they made a mistake and wished they did not agree to the Porcupine’s demand. As the Porcupine’s sharp spikes pricked them at every turn.
So, the Family politely asked the Porcupine to leave. To this, he replied: “I am very well satisfied, thank you. I intend to stay here.”
He then politely escorted the Snakes out. And to save their skins, the Snakes had to look for another home.
Give a finger and lose a hand.
In the aforementioned story, the Snakes underestimated the Porcupine’s intention. They thought by lending a friendly finger, no harm would come to them.
Similarly, in the Indian financial industry mis-selling is widespread. Unfortunately, most of us do not question such actions.
Most of the time, we are unaware that regulations are there to protect us. And this is what the banks and agents take advantage of.
For instance, when you go to a bank for a Home loan. They stick an insurance policy with it, saying that your loan will not be approved if you don’t take this insurance. It is ‘mandatory’.
Stand Up against mis-selling malpractices.
Only you can save yourselves from these frauds.
At RefreshMint, we have placed ourselves right in between you and the ‘mis-sellers’. All you need to do is reach out to us to know more about such mis-selling.
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