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IRDA Nod to “India Post” to sell Insurance Policies of Multiple Insurance Companies

The IndiaPost, with its largest distribution network of 1.55 lakh offices, can be effectively utilized now by the insurance players in the country. This has been made possible with the Insurance Regulatory and Development Authority (IRDA) allowing the IndiaPost to sell insurance policies of insurance companies. IRDA permission, however, restricts the number of insurance companies each Postal Circle, can tie up with for selling the insurance policies.

Financial Regulators in India - IRDA and RBI

Discussing the financial regulators in India, a note has already been posted on PFRDA. IRDA and RBI are the other two regulators for insurance and banking. RBI is also banker to government and issuer of currency ensuring timely and adequate supply of currency notes. RBI's related functions include acting as banker to Central Government, state government, maintaining accounts of commercial and cooperatives to ensure smooth clearing system.
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