Mis-selling insurance products: The bank fraud no one is checking

Kumar's case is not isolated, and public sector banks aren't the only ones to blame. Private sector banks are no better

Mahesh Kumar took voluntary retirement from a government job. As settlement, he received a hefty sum and wanted to make a safe investment. When he approached his friendly public sector bank manager, he was suggested a policy with guaranteed returns after five years. “Invest the amount once and reap the benefit after five years for as long as you live,” the friendly manager said. Encouraged by the pitch, he invested Rs 1.2 million in the policy. He received the policy papers after a few days and happily kept the sealed envelope in his cupboard. 

Imagine his surprise, when he received