Bank-backed insurers' shares tumble on reports of bancassurance limit

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Bank-backed insurers' shares tumble on reports of bancassurance limit - Business Standard

Quick Summary:

HDFC Life, in a similar exchange notification, said the “report is speculative.“The news flash is based on rumours and speculation, and we would like to categorically state that the information mentioned is inaccurate.

Similarly, Max Financial-backed Max Life Insurance saw its shares fall by 4.02 per cent.

Previously, the Finance Minister and the Irdai Chairman have expressed concerns over mis-selling or forced selling of insurance products and asked banks to focus on their core banking.