.........The penetration in any branch, which has insurance-authorised personnel is less than 5 per cent today. So, it is impossible for me to find an argument against open architecture as the consumer gets more choices. And if insurance companies have to get into semi-urban and rural areas, bank branches are the most viable way. On banks becoming insurance brokers, there needs to be an alignment between the views of the RBI and the IRDA and there will be several rounds of discussions. However, my view is some progress is better than no progress. It can be a prelude to full open architecture. I am comfortable in any way the regulation comes because it will be a game-changer for insurance distribution in this country........
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