Right-Sell of liabilities/financial products

Posted under case studies on April 09 , 2020 by Poorna Ganapathi


Right – Sell is defined as selling of a Customized Financial Product to a client based on his profile and need as per the Banks product suitability matrix. Customers look at the Bank staff for giving them the right set of advice and help them with their investment decisions. The Code of Right Sell does not supersede regulatory or supervisory instructions of Reserve Bank of India (RBI), but aims to set higher standards than what is indicated in the regulatory guidelines.

RBI released a Charter of Customer Rights specifying the following five basic rights that the customers can enjoy:

  1. Right to fair treatment
  2. Right to transparency, fair and honest dealing
  3. Right to suitability
  4. Right to privacy
  5. Right to grievance redressal and compensation

In case a bank violates any right laid down by the RBI, customers can approach the customers services division of the apex bank.

Scope of Problem:

The process was instituted by the bank’s internal compliance department to monitor whether the banking processes are as per RBI guidelines. Mis-sell ventures in when the target set for a policy couldn’t be achieved. Hence Mis – selling would therefore arise when the norms of Right –sell are violated. The process also involves analyzing data which is then mapped with the Branch/ Cluster/ Circle/ Region information. These branch data are considered for segregating the dataset that follow the Right-sell norm.

Before SheetKraft:

The BIU (Business Intelligence Unit) team receives the dump data from various branch and applies a standard logic to extract out required data which acts as the input data for the BBO (Branch Banking Operations) team. Then the user applies the required filter conditions as specified for a given monitoring activity. Manual process uses a master file for collating Branch zonal data, which was maintained in excel as database. After this the output files are uploaded by the BBO team onto the RBCTS (Retail Business Compliance Tracker System) portal, these data is accessible for the branch heads who can later do analysis on the exceptional cases occurred.

Fig 1

After Sheetkraft:

BBO team user will enter the month and year for which checks needs to be applied. SheetKraft will extract the required data from the BIU database and update the required outputs in the RBCTS system. SheetKraft would complete this process in 5-7 minutes whereas manual process would take around 6 hours.

Fig 2

Overall Impact:

  • Manual intervention for performing the check conditions has been automated leading to no manual errors.
  • As there are at the moment 19 such monitoring activities, time consumption has been cut down to a greater extent.
  • As the BBO team is distributed all over India, anyone out of them can run the activity as in when required without the dependency on the other team member.


TAGGED:MonitoringComplianceService Recovery

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