New Delhi, Feb. 23 -- : union Finance Minister Nirmala Sitharaman on Monday addressed concerns over the mis-selling of insurance products by banks and welcomed the Reserve Bank of India's move to introduce guidelines aimed at curbing such practices.
Speaking on the matter, Sitharaman said regulatory boundaries had earlier created ambiguity, with the insurance regulator viewing bank-led sales as outside its remit and the RBI treating insurance as a non-banking activity. In between, she said, the customer, the individual deposit holder and citizen of the country, was affected. She highlighted complaints from borrowers being pushed to buy insurance products while availing home loans.
Questioning the rationale behind the practice, she noted t...