New Delhi [India], February 11: A nationalised bank in Maharashtra sold a life insurance policy to a 90-year-old man. The annual premium was ₹2 lakh. The maturity date of the policy was the year 2124. This was not a hypothetical case or an isolated error, it happened. The Reserve Bank of India has since taken note. In its February 2026 policy statement, the RBI proposed comprehensive guidelines to curb mis-selling by banks, including mandatory suitability assessments and stronger accountability for staff. The issue has grown too large to ignore. But regulation alone will not fix it. What families truly need is a fundamentally different kind of advisor. This type of mis-selling stories led to the launch of NYVO.
