Request Details

mis selling of insurance by banks

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Government level: Government of India (India)
Agency/Ministry: Reserve Bank of India (RBI)
Addressed to: Central Public Information Officer
Central Office Building (21st Floor), Shahid Bhagat Singh Marg, Fort, Mumbai, MH 400001

1.How many complaints were registered against banks regarding mis selling of insurance products (both life and general) through bancassurance during the last 5 years?

2. Which bank has the highest number of complaints registered against it?

3. What penalties were awarded to the banks for misselling?

4. Steps taken by RBI to curb the issue.

5. Does RBI know that most banks sell life insurance to loan customers while disbursing the loan to complete their target?

6. Life insurance policies sold to most personal loan customers of banks and FI's lapses after just one or two payments.  How many such policies issued to loan customers of the bank were lapsed and the quantum of the money involved in it?

7. Can RBI direct banks to have  a mandatory poster in every bank branch premises that life/health/accidental insurance is not mandatory , to prevent mis selling  of the products.