PNB MD&CEO urges Employees to stay away from Mis-selling

Punjab National Bank MD&CEO Shri Ashok Chandra has urged the employees not to be involved in mis-selling of financial products. In an email to employees, he asked the employees to stay away from mis-selling.

He said that as a financial services provider, the foremost responsibility of the Bank is to understand the customers’ genuine needs, financial goals and repayment capacity before recommending any product or services.

Mandatory Informed Consent: He said that no customer should be enrolled in any product or service without their clear and explicit consent. Optional offerings must never be represented as compulsory. Upholding transparency and respecting customer choice are fundamental to maintaining trust and ethical banking practices.

Responsible Sales Conduct: He said that business targets should drive performance, not aggressive selling. He asked employees to always provide customers with a clear understanding and information pertaining to all the products and services including the risks and limitations involved, ensuring informed consent and responsible financial decision-making.

Respect the Right to Ask: He asked employees to listen actively and address customer inquiries thoroughly and promptly. He said – Resolving customer concerns is not a matter of choice, but a core responsibility that defines our commitment to customer service.

He also urged employees to record all transactions, customer instructions, and administrative approvals accurately and promptly. He asked employees to never compromise honesty by submitting false information or inaccurate compliance certifications. He also urged employees to report warning signals and operational red flags immediately; timely escalation protects the Bank and prevents issues from amplifying the risk.

He also urged employees to ensure thorough credit appraisal, diligent verification, complete documentation, and objective risk assessment. He said – Compliance checks and internal controls must never be compromised, irrespective of deadlines, targets, or operational demands. He also advised employees that personal relationships, external influences, or business pressures must never compromise professional decisions.