New Delhi, Feb. 11 -- The Reserve Bank of India (RBI) has issued comprehensive draft instructions aimed at curbing mis-selling of financial products by commercial banks, tightening norms on advertising, marketing and sales practices, and introducing clear safeguards for customers.

The move follows concerns flagged by the central bank in its monetary policy last week, where it said that it has felt the need to ensure that third party products and services that are being sold at the bank counters are suitable to customer needs and are commensurate with the risk appetite of individual clients and in that regard it would issue comprehensive instructions to regulated entities on advertising, marketing and sales of financial products and servi...