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ANI
Insurance Regulatory and Development Authority of India (IRDAI) Chairman Panda said in his statement that bank insurance has a great contribution in increasing the reach of insurance in the country. “This system has merits, but we have to do it with care and caution,” he said at SBI’s annual banking and economy conference here.
Mumbai . Debashish Panda, chairman of insurance industry regulator IRDAI, urged bank officials to focus on their core work and avoid just selling insurance. Finance Minister Nirmala Sitharaman had also said something similar one day. Insurance Regulatory and Development Authority of India (IRDAI) Chairman Panda said in his statement that bank insurance has a great contribution in increasing the reach of insurance in the country. “There are merits in this system, but we have to do it with care and caution, so that you do not forget your activity and just start selling insurance,” he said at SBI’s annual banking and economy conference here.
He said insurance companies definitely need low-cost distribution solutions from banks. Panda said, “Bank channel is a very useful channel. But, recently many evils have crept into the system. We all should sit together and consider this and restore trust.” He said that mis-selling is also taking place. Earlier, Sitharaman had also asked bankers to focus on their core work and avoid mis-selling of insurance policies.
Disclaimer: Prabhasakshi has not edited this news. This news has been published from PTI-language feed.
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