Nov 20, 02:20 PM

Nirmala Sitharaman Addresses Mis-Selling of Insurance, Citing Increased Borrowing Costs; IRDAI Chief Advocates Bancassurance

Finance Minister Nirmala Sitharaman highlighted the detrimental effects of mis-selling financial products, particularly insurance, during a recent statement. She noted that such practices not only cause financial distress for individuals but also contribute to increased borrowing costs. The issue has sparked renewed discussions about malpractice in the banking sector, especially regarding the sale of insurance products. The Chief of the Insurance Regulatory and Development Authority of India (IRDAI) emphasized the importance of bancassurance as a potential solution to curb mis-selling. Former IRDAI member Nilesh Sathe remarked that while the Finance Minister's concerns are valid, he does not anticipate a decline in insurance sales through the bancassurance channel, given that the share of public sector banks in this area is not significant.

#Nirmala Sitharaman #IRDAI #Nilesh Sathe

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Nirmala Sitharaman Addresses Mis-Selling of Insurance, Citing Increased Borrowing Costs; IRDAI Chief Advocates Bancassurance

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