New Delhi, June 16 -- The Reserve Bank of India (RBI) has finalised its consumer protection framework under responsible business conduct guidelines, introducing stricter norms on mis-selling, deceptive digital practices and unauthorised bundling by regulated entities.

RBI Tightens Consent Norms Under New Framework

The framework shifts to a more prescriptive regime and mandates banks to obtain explicit customer consent through verifiable modes, including signed physical or electronic declarations, OTP approvals, recorded confirmations or clearly demarcated agreement clauses, reported the Times Of India.

Under the new rules, digital interfaces must default to options such as 'No' or 'I do not agree', requiring customers to actively opt i...