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IRDA may direct all banks to become insurance brokers

At a meeting in Hyderabad on Thursday, the IRDA said that it is in favour of banks selling products of multiple insurance companies

January 17, 2014 7:59 IST | India Infoline News Service
The Insurance Regulatory and Development Authority (IRDA) has supported the finance ministry's decision to allow banks to sell products of multiple insurers.
At a meeting in Hyderabad on Thursday, the IRDA said that it is in favour of banks selling products of multiple insurance companies.
At present, banks are allowed to sell products of one life, one non-life and one-health insurance company.
The finance ministry had asked all public sector banks to start broking - selling products of multiple insurance companies - from January 15. The insurance regulator said private banks should also start doing so.
Out of more than 1 lakh bank branches, only 20,000 are estimated to be selling insurance products of any kind.


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