Irda may allow banks sell products from multiple insurers

Despite the Reserve Bank of India's apprehensions, insurance regulator Irda is set to issue guidelines allowing banks to sell products of many insurance companies as against those of only one life and one non-life insurer at present. These guidelines will, however, come with some stringent provisions against mis-selling of such products by banks. The final decision on the revised norms on bancassurance — or banks selling insurance products — is likely to be taken at the Irda board meeting slated to held on June 28, finance ministry sources said............

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