It has been reported that the govt. and Apex bank of the country RBI has decided to inspect the practice of banks selling insurance products. It is laso reported that in recent time many customers have complained that they are being forced to buy insurance products.
Several issues regarding the miselling of the products and use unfair practices are also being reported. This inspection will be done for both the private as well as the public sector banks.
It is expected that bancassurance can affect the banking services, if more of the importance and concern is given over the bancassurance, therefore the govt. once wanted to look for the entire bancassurance functioning and process. The RBI had previously highlighted the need to revisit the marketing and sales strategies used by banks in pushing insurance products.