Bank must declare fees

The Reserve Bank of India has directed banks to disclose to their customers details on commissions or fees that they may earn from marketing or referring mutual funds, insurance, and financial companies, a release from the central bank said. The new disclosure norms come into force with immediate effect. The central bank said the decision was taken "keeping in view the need for transparency in the interest of the customers to whom the products are being marketed /referred".

URL: DNA Money, Pg No: 1, Dated: November 17, 2009