IndusInd Bank has been imposed a fine of Rs 15 lakh by the Insurance Regulatory and Development Authority (IRDA) for violation of corporate agency regulations. The bank is a corporate agent for Aviva Life Insurance Company and Murugappa group’s Cholamandalam MS General Insurance Company.
The penalty was levied as it was in receipt of excess remuneration than what is permitted by the regulations during the years 2007-08, 2008-09 and 2009-10. Last year in August, IRDA had levied a penalty of Rs 10 lakh on Cholamandalam MS General for paying excess remuneration to IndusInd Bank for the years 2007-08 and 2008-09.
Indusind Bank caters to the needs of both consumer and corporate consumers. It has a robust technology platform supporting multi-channel delivery capabilities.
