Economy
IRDAI slaps ₹1 crore penalty on IndusInd Bank for norm violations
The Hindu1h
THE BRIEF
1
The Insurance Regulatory and Development Authority of India imposed a ₹1 crore penalty on IndusInd Bank for violating corporate agent norms.
2
The bank failed to establish a dedicated, policyholder-facing grievance redressal framework and submitted non-functional grievance portal proofs during proceedings.
3
The regulatory action follows an onsite inspection conducted by the authority in June 2023.