The parent of Paytm Payments Bank, One97 Communications is all set to distribute the insurance policies of various insurers. As per some reports, the company had applied to Insurance Regulatory Development Authority of India (IRDAI) for a corporate agency license to carry out their new venture. The same seems to have been approved by the insurance regulator and the company which is currently leading in India in terms of mobile banking will start selling both life and general insurance products.
Earlier this year, Paytm had received the closing approval from India’s central banking institution Reserve Bank of India (RBI) for setting up a payments bank. Now they’re gradually moving towards penetrating the insurance services in India. Currently, as per IRDAI doctrines, any bank including finance and payment banks can are allowed the maximum tie-up with three life, three non-life and three standalone health insurance companies.
Amit Gupta will fill in the position of the principal officer
The license received from IRDAI will be valid from this month onwards up until August 2020 i.e. for a period of 3 years which is same for AU Small Finance Bank as well that too recently received the same approval.
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