Reserve Bank of India (RBI) Deputy Governor T Rabi Sankar on Monday urged the Industry needs to make pricing transparent whenever you price your services and keep the pricing distinct among multiple services that you are selling.. Addressing an event organised the National Council of Applied Economic Research (NCAER), he said there is an amount of pricing even in the case of free services.
Citing an example of such opaque arrangement, Sankar said bundling of products in the financial sector is one such arrangement. Bundling tends to favour a seller of such a product rather than consumer, he said, adding "when bundling and such issues come up, I think regulators need to be more alert to the possibilities of mis-selling and misuse". The deputy governor made a disclaimer that the remarks made by him are personal and not of the RBI in the interest of free and fair debate related to investor education and protection in the banking sector.
Observing that the digital payments industry is yet to enter into its teens, Sankar said it has become a global leader in certain areas while it is evolving. Digital payment in India gathered traction after 2010. Noting that there is tremendous scope for the growth of digital payments in India, he said there is a need to develop an ecosystem in a way that gives comfort to all citizens that his or her money is safe over the online system.
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