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RBI draft norms on mis-selling may hit private banks harder

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RBI draft norms on mis-selling may hit private banks harder
ET Intelligence Group: The Reserve Bank of India’s (RBI) draft norms aimed at curbing mis-selling of financial products could weigh more heavily on the private sector banks given their higher reliance on insurance income. According to the data collated by ETIG from annual reports, the share of insurance income in the other income for the top five private sector banks rose to 10% in FY25 from 8.2% in FY19 at the aggregate level. It was at 7.5% in FY24. For the top five public sector (PSU) banks, it remained under 4% during the period under observation. Among the 10 sample banks, ICICI Bank reported the sharpest decline of 13.9 percentage points in the share to 1.6% between FY19 and FY25. It had the lowest share of insurance income in the sample amid its focus on improving efficiency of the core banking operations. For other private banks, the share was between 6% and 16% while PSU banks’ share was 2-4.5% in FY25.

Income from insurance products sold by the 10 sample banks increased two-and-a-half times to ₹16,747 crore in FY25 from ₹6,381 crore in FY19. It increased by 31% year-on-year from ₹12,783 crore in FY24.

“The RBI has proposed that obtaining customer consent is not enough, and that banks must additionally ensure the product is appropriate and suitable for the customer. This will make banks cautious in selling third party products like mutual funds and insurance policies,” a head of retail banking of a private bank told ET.

Screenshot 2026-02-17 061026Agencies

RBI issued draft norms on February 11 to curb the mis-selling of financial products. The draft rules propose that if mis-selling is established, banks must refund the entire amount paid by the customer and provide additional compensation for any financial loss.
Banks have long linked employee incentives and sales targets to the sale of third-party products such as insurance policies, mutual funds and other financial instruments to increase fee income. Insurance and mutual fund companies also depend on banks for distribution. This may result in sales of unsuitable or unwanted products.


Bancassurance is a well-established model in the financial sector in which banks and insurance companies join hands to sell insurance products to customers.

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Micron completes acquisition of PSMC facility in Taiwan

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Micron completes acquisition of PSMC facility in Taiwan

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Australia’s Syrah, Tesla extend deadline to resolve alleged default in graphite supply deal

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Australia’s Syrah, Tesla extend deadline to resolve alleged default in graphite supply deal


Australia’s Syrah, Tesla extend deadline to resolve alleged default in graphite supply deal

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Costco recalls meatloaf meal kits in 26 states over Salmonella risk

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Costco recalls meatloaf meal kits in 26 states over Salmonella risk

Costco issued a recall notice over the weekend for its popular ready-to-eat meatloaf meal kit, impacting warehouse locations in at least 26 states.

The “Meatloaf with Mashed Yukon Potatoes and Glaze” was flagged for potential Salmonella contamination after an ingredient supplier raised concerns.

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“An ingredient supplier, Griffith Foods Inc., has announced the recall of an ingredient used in the Meatloaf because the ingredient has the potential to be contaminated with Salmonella,” the recall notice said. 

Headquartered just outside Chicago, Griffith Foods is a global, family-owned food ingredient manufacturer. The Costco recall notice did not specify which ingredient was linked to the potential contamination. 

COSTCO SUED BY CUSTOMER SEEKING REFUNDS FOR TARIFF PAYMENTS

meatload and mashed yukons

Costco issued a recall notice over the weekend for the “Meatloaf with Mashed Yukon Potatoes and Glaze.” (Costco / Fox News)

The meal, product #30783, was sold between March 2 and March 13, just days before the Salmonella concern emerged. The items had sell-by dates from March 5 through March 16.

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Costco locations across 26 states, as well as the District of Columbia and Puerto Rico, were affected by the recall. The states include Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kentucky, Maryland, Michigan, Mississippi, Missouri, Nevada, New Mexico, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Utah, Virginia and Wisconsin.

GM RECALLS 17K VEHICLES OVER REAR TOE LINK FRACTURE THAT COULD LEAD TO CRASHES

customer shopping at costco deli

An employee, left, works in the deli department at a Costco Wholesale Corp. store in Miami, Florida, U.S., on Monday, Dec. 5, 2016. (Scott McIntyre/Bloomberg via Getty Images / Getty Images)

The retail giant urged customers not to consume the product and advised that the affected item could be returned to their local Costco for a full refund.

No illnesses or injuries have been reported in connection with the item, Costco added. 

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costco workers preparing ready to eat meals

Costco employees in the deli department prepare food at a Costco store in Napa, California, US, on Monday, Sept. 22, 2025.  (David Paul Morris/Bloomberg via Getty Images / Getty Images)

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COST COSTCO WHOLESALE CORP. 1,008.43 +5.11 +0.51%

According to the CDC, Salmonella infection is a leading cause of foodborne illness in the United States. It is a bacterium that can cause serious and sometimes life-threatening infections, particularly in young children, the elderly and individuals with weakened immune systems.

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Infections commonly cause diarrhea, fever, and stomach cramps, which typically appear between six hours and six days after exposure. 

Most healthy individuals, however, recover within four to seven days, often without specific medical treatment.

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PM to set out support plan for heating oil costs

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PM to set out support plan for heating oil costs

Households have faced a sharp rise in the cost of heating oil since the outbreak of the US-Israeli war with Iran.

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Perseus Mining to sell Sudan gold project for $260 million

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Perseus Mining to sell Sudan gold project for $260 million

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Home Product Center Public Company Limited (HPCRF) Presents at Opportunity Day Quarter 4/ FY 2025 – Slideshow (OTCMKTS:HPCRF) 2026-03-15

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

This article was written by

Seeking Alpha’s transcripts team is responsible for the development of all of our transcript-related projects. We currently publish thousands of quarterly earnings calls per quarter on our site and are continuing to grow and expand our coverage. The purpose of this profile is to allow us to share with our readers new transcript-related developments. Thanks, SA Transcripts Team

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US oil CEOs warn Trump administration that energy crisis likely to worsen, WSJ reports

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US oil CEOs warn Trump administration that energy crisis likely to worsen, WSJ reports


US oil CEOs warn Trump administration that energy crisis likely to worsen, WSJ reports

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Thai Government Shuts Down More Than 437,000 Illegal Websites in Major Crackdown

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Thai Government Shuts Down More Than 437,000 Illegal Websites in Major Crackdown

The government blocked over 437,000 illegal URLs in five months, primarily targeting online gambling. Enhanced enforcement measures include AI detection and expedited service provider notifications to combat digital crime.


Key Points

  • The government has blocked over 437,000 illegal website URLs in five months to combat online crime, primarily targeting online gambling. A total of 437,473 URLs were removed from October 1, 2025, to February 28, 2026.
  • In February alone, 132,842 links were blocked on social media and websites. Online gambling dominated this action, with 362,482 URLs affected, alongside sites related to e-cigarettes, alcohol, cannabis, firearms, prostitution, scams, misinformation, hate speech, and pornography.
  • The Ministry of Digital Economy and Society is using artificial intelligence to detect illegal online activities. This technology aids in supporting court-ordered suspensions and enables swift communication with internet service providers to ensure effective blocking of harmful websites.

The government has reportedly blocked more than 437,000 illegal website URLs over the past five months as part of expanded efforts to combat online crime. Authorities said most of the blocked sites were linked to online gambling activities.

Deputy Government Spokesperson Lalida Persvivatana said the Ministry of Digital Economy and Society carried out the enforcement between October 1, 2025, and February 28, 2026, removing a total of 437,473 illegal URLs. In February alone, authorities blocked 132,842 links across social media platforms and websites.

Online gambling accounted for the largest share, with 362,482 blocked URLs. Other categories included content related to electronic cigarettes, alcohol advertising, cannabis sales, firearms, and prostitution. Authorities also blocked additional sites linked to scams, misinformation, hate speech, and pornographic material.

The ministry has deployed artificial intelligence systems to detect and analyze illegal online activities before forwarding information to enforcement platforms that support court-ordered website suspensions. Additional tools enable authorities to quickly send orders to internet service providers and verify that blocked websites remain inaccessible, thereby boosting efforts to reduce illegal digital activities and online crime.

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Source : Thai Government Blocks Over 437,000 Illegal Websites in Crackdown

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Winter blizzards cancel 2,000 flights across Midwest airports nationwide Sunday

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Winter blizzards cancel 2,000 flights across Midwest airports nationwide Sunday

At least 2,000 flights were canceled Sunday as winter blizzards continue to batter the Upper Midwest, turning at least one normally bustling airport into a virtual ghost town.

According to the latest data from FlightAware, U.S. flight cancellations Sunday accounted for roughly 78% of all canceled flights worldwide, with at least 2,216 flights grounded out of roughly 2,842 global cancellations.

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Meanwhile, an additional 6,826 delays have reportedly rippled across the national air network, further straining travel schedules across the world.

Many airlines have since issued guidelines allowing passengers to change their flights without major fees, providing flexibility for travelers affected by the winter storms.

AUSTIN AIRPORT GRIDLOCK: SECURITY LINES STRETCH OUTDOORS AS DHS SHUTDOWN HITS ONE-MONTH MARK

Minneapolis airport empty

Minneapolis-St. Paul International Airport resembled a ghost town on March 15, 2026. (Fox 9 Minneapolis-St. Paul / Fox News)

The epicenter of the disruptions remains in the Midwest, with the heaviest impact centered on Chicago, followed by Minneapolis. The fallout has created noticeable ripple effects at other major U.S. airports, including Atlanta and Denver. 

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The airport seeing the largest impact by sheer volume is Chicago’s O’Hare International Airport, with a reported 790 flights affected, according to FlyChicago.

At least 27% of its departing flights have been canceled, while another 29% of incoming flights have also been scrapped, according to FlightAware.

Another 839 flights, both incoming and outgoing, have been delayed, with average wait times of 82 minutes, according to FlyChicago.

SPRING BREAK FLYERS WARNED OF MASSIVE TSA LINES AS SHUTDOWN DRAINS AIRPORT STAFF

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A fierce snow blizzard lashes the exterior of the airport, grounding flights and disrupting travel at MSP. (MSP Airport/Fox 9 Minneapolis-St. Paul / Fox News)

The major airport with the highest percentage of affected flights is Minneapolis-St. Paul International (MSP), where 73% of departing flights and 64% of arriving flights have reportedly been canceled, FlightAware reported.

MSP Airport noted a total of 726 canceled flights and 177 on-time departures, while Fox 9 Minneapolis-St. Paul observed Sunday that the terminals virtually resembled a ghost town, with minimal staff on site.

The airport released a statement on their social media Sunday morning, highlighting the severity of the winter storms that disrupted operations at the airport.

“Fake spring came to an end as snow arrived at MSP Saturday evening,” it said. “Airlines have canceled more than 450 flights to and from MSP on Sunday. Please check with your airline for the latest flight information. Stay safe!”

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Hartsfield-Jackson Atlanta International (ATL), another major hub connecting to Chicago and Minneapolis, reportedly experienced significant disruptions as well, with at least 227 total flights delayed and another 87 canceled.  

Similarly, Denver International (DEN) saw 466 delays and 60 total cancellations. 

TRAVEL EXPERT WARNS AMERICANS TO ‘BOOK NOW’ AS OIL PRICES THREATEN HIGHER AIRFARES

snow covers tarmac

Snow blankets the tarmac at Minneapolis-St. Paul International Airport, highlighting the storm’s impact on flights. (MSP Airport/Fox 9 Minneapolis-St. Paul / Fox News)

Most major carriers have issued travel waivers, allowing passengers to rebook flights as the storm continues to rage. Officials suggest checking airline websites frequently for any updates.  

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United Airlines issued notices allowing passengers with affected flights from the Upper Midwest and Great Lakes region to reschedule their trips with minimal fee changes.

“You can reschedule your trip and we’ll waive change fees and fare differences,” the site said. “But, your new flight must be a United flight departing between March 12, 2026 and March 20, 2026. Tickets must be in the same cabin and between the same cities as originally booked.”

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UAL UNITED AIRLINES HOLDINGS INC. 86.60 +0.07 +0.08%

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While Delta Air Lines had previously set a March 22 deadline for ticket reissuance, passengers can now extend this deadline to March 24, 2026.

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American Airlines also announced that passengers can change their trips with no change fee, provided the new bookings are made by March 26, 2026.

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Exclusive-US, China discuss farm goods, managed trade in ’remarkably stable’ Paris talks-sources

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Exclusive-US, China discuss farm goods, managed trade in ’remarkably stable’ Paris talks-sources


Exclusive-US, China discuss farm goods, managed trade in ’remarkably stable’ Paris talks-sources

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