Forced to mis-sell: Man who quit Rs 17 LPA job exposes sales pressure at banks
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A former banker quit his Rs 17 lakh per annum job citing sales pressure and mis-selling at banks. The issue highlights the aggressive sales targets and internal incentives that shape what customers are offered at bank counters.
A 24-year-old IIIT graduate quit his banking job due to sales pressure. The issue of mis-selling at banks has been reignited, with many employees facing strong pressure to meet sales targets. Over 84% of relationship managers surveyed said they face pressure to meet targets, with 57% admitting to being asked to sell products 'at any cost'. Banks earn significant commissions from selling insurance policies, mutual funds, and bundled financial products, driving internal targets that often lead to mis-selling. The problem is compounded by gaps in product understanding among relationship managers, resulting in unsuitable products being recommended to customers. Nearly half of life insurance policies are discontinued within five years, with customers often losing part of their investment.
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