.......To address complaints of mis-selling by banks, the government is also prodding Irda to agree on a new mechanism. If the move goes through, banks will turn into brokers for several insurance companies instead of being an agent for one life and one general insurance company. In several cases, where banks have also set up insurance companies, a common complaint is that the branches hawk the in-house insurers' policies. Even if Irda has come on board the government also needs to get RBI, the banking regulator, to the changes, something that it was reluctant to do earlier........
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