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India: Banks as insurance brokers may not be Finance ministry's immediate priority

June 24, 2014 - 6:00am

The chief executive of an insurer in India said the issue of banks becoming insurance brokers to sell policies was discussed "in the recent meeting between private insurers and Finance Minister Arun Jaitley," Business Standard reported.

The minister did not want to take it up as an immediate priority, "since there has been strong opposition from the banks who have insurance joint ventures," the source revealed.

Currently, banks are allowed to sell products of only one nonlife insurer, one life and one health.

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