Thread by @Bankers_United

"बीमा आग्रह की विषय वस्तु है" were meant for Insurance companies prior to 2000 whose job was to provide insurance.

Banks were acting as Custodian of Public money.

Lets understand how Banks turning into fully paid agents for Insurance Companies.

A thread on Bansaccurance

Insurance is a purely Voluntary service & Banks can't force customers to Buy policy but can advise. In reality 90% of Retail Loan Borrowers r somewhere policy holders of 1 or more Insurance policy. Its given them forcefully & Media can easily call some of the borrower to find out

Banks r into this Insurance business just as a Referral agent & without any Risk Participation. Means in case of any default or Fraud by Insurance company, customer can't held Bank responsible, Bank who sold the Policy to customer in 1st place. Its a open Fraud
#YouFailedBankers

RBI says that All banks have to disclose the commission of MF/Insurance Premium & other 3rd party products to customers. Surprisingly very few Banks following d circular & keeping Customers in dark abt Commission earned as most of the time its Forced selling.
#YouFailedBankers

Banks as Corporate agents r 2nd largest contributor in canvassing insurance policies for Companies Out of 25.32 Crore Policies, 4.55 Crore (18%) canvassed by Banks, whereas their own Agents r at 3rd Place with 2.81 Crore (12%) policies.
Are banks doing better than Agents???

Out of total Premium (2.13 Lakh Crore) collected in 2018-19, Banks contributed 31351.09 Cr (14.68%) whereas individual Agents booked 64039.55 Cr (29.53%).

Agents (12% of Total Policies) Canvassed 64039.55 Crore, whereas Banks collectes 31351.09 Crore with 18% of total Polices??

Clearly Banks r going for Numbers rather coverage. Every Branch is being given targets to give insurance policies every week.
There r
Wealth Days
Login Days
Maha Login Daye
MD/CEO clubs & so On
Specifically for Banscasurance products!!
@thewire_in @dugalira @thesuniljain

In 2015 RBI & IRDA issed guidelines for Insurance business through Banks. It was clearly narrated that Only Certified Agents who cleared IRDA prescribed exam can act as a Insurance agent to sell insurance policies but In Banks all branches r selling Policies!!!
#YouFailedBankers