...........Speaking on the sidelines of an insurance summit organised by the Confederation Indian Industry, Vijayan said banks don’t canvass for new customers to sell these products, but utilise their existing customer networks for the same. “If you are a representative of the customer, they should be given the best choice of products.” In its regulations on licensing banks as insurance brokers, Irda said that each applicant (scheduled bank) should have obtained prior approval of Reserve Bank of India (RBI) before applying for a licence to act as an insurance broker. The licence, once granted, will be valid for three years after which it will have to be renewed...............
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