This refers to Debashis Basu's column "Regulators versus customers" (Irrational Choice, January 26). We need to appreciate that banks are only agents of insurance companies, who should shoulder a lot of blame. If things are so bad, why doesn't the Insurance Regulatory and Development Authority of India, as their regulator, disallow this channel completely? Sadly, the ills of the insurance sector are being visited upon the banking sector. Blaming the Reserve Bank of India alone is unfair. It is the responsibility of the concerned sector regulator to take suitable measures.
Commercial banks, especially public sector banks, are failing in performing basic functions such as recovery of non-performing assets. Banks were formed to undertake the banking business. Let insurance companies create their own infrastructure and be responsible for quality customer service.
Y P Issar, Karnal
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