Addressing Sales Pressure and Basic Knowledge Gaps: A Survey on Bank RMs in India

Executive Summary

This survey explores the factors influencing the behaviour and performance of Bank Relationship Managers (RMs) in India, as most consumers of financial services rely on the expertise and integrity of bank RMs to sell them products that suit their needs holistically.

The findings are quite startling. Out of 1,655 bank RMs we interviewed across the country:

• 57.56% of them agree that they're told to mis-sell financial products,
• 85.29% do not know the difference between a regular and a direct mutual fund,
• 98.04% do not know what real and nominal rate of return mean, and
• 75% do not know what tax benefits are accrued on investing in ELSS.

End-users must understand how knowledgeable and capable their bank RMs are in selling them financial products and giving investment advice.