RBI's new rules ban misleading UX from January 1, 2027
The Reserve Bank of India (RBI) just dropped new rules to stop banks and lenders from tricking people into buying financial products they don't actually want or need.
Starting January 1, 2027, design or user-experience techniques that mislead or trick customers into taking actions they did not intend are banned.
Lenders will also have to run regular checks on their apps and websites to make sure everything's above board.
RBI redefines mis-selling, refunds and opt-outs
Mis-selling will now mean pushing products that don't fit you, hiding important information, or skipping your clear consent from January 1, 2027.
No more bundling random paid add-ons unless they're offered or without additional cost, and lenders must spell out all risks and fees upfront.
If you purchase financial products from loan proceeds without explicit approval, you'll get your money back if mis-selling of a financial product/service is established.
Plus, it'll finally be easier to opt out of endless marketing messages from banks.