Third Party Products are now becoming integral part of Banking.
What is third Party Products : As the name suggest products which does not belongs to bank and bank is having tie up Arrangement with any other company to sell their products to Bank customers. All such products such as insurance , Mutual Fund , Health Insurance comes under Category of Third Party Products .
Why Bank sells Third Party Products : Banks Earn commission on third party products hence it is one of the source for revenue generation which is the main reaon behind sell of Third Party Products.
However Bankers are not happy in selling these products but facing a lot of pressure from higher authorities for sell of these products . Pressure results in mis-selling specially to Borrowers. there are many hidden facts and impacts . To know more details watch this video :
