Financial sector players exploiting customers: Parekh

Veteran banker and HDFC Chairman Deepak Parekh on Friday said companies, particularly those in the financial sector, exploit customers by mis-selling products. "Many consumers still remain a victim to unscrupulous and exploitative practices which could manifest in various forms such as mis-selling of products, particularly financial products," Parekh said at an award function.

He, however, said the financial sector was very well regulated and there were ways of redressal available with aggrieved parties.

"As far as our financial sector is concerned, fortunately we are at a good regulated conditions. Even in terms of redressal facilities, regulation is in place," he said.

Parekh, however, refused to answer questions on allegations of money laundering against three large private sector banks, including HDFC Bank.