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BoR
to distribute insurance products
Our Banking Bureau
23 October 2001
 Mumbai:
The Bank of Rajasthan (BoR) has obtained approval from its board
to distribute life as well as non-life insurance products. The
bank will tie up with
Tata AIG Life Insurance for life products and with Bajaj Alianz
General Insurance for non-life products.
BoR MD K M Bhattacharya
said: “The board of directors has okayed the bank’s proposal
at its recent board meeting. The distributorship will become
operational once clarifications relating to banks’ entry norms
into insurance are clarified by the Insurance Regulatory
Development Authority (IRDA).”
 The
current insurance norms make it mandatory for all directors of a
bank to undergo the mandatory training in insurance before a bank
can become eligible for distributing insurance products. Banks
have been requesting IRDA to relax this norm.
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