BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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an insurance scheme to insure bank deposits
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an insurance scheme exclusively for the employees of banks
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a composite finacial service offering both banking and insurance products
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None of these
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Detailed explanation-1: -Definition: Bancassurance means selling insurance product through banks. Banks and insurance company come up in a partnership wherein the bank sells the tied insurance company’s insurance products to its clients.
Detailed explanation-2: -In India, the process of Bancassurance began in 2000. IRDA came up with regulation on registration of Indian companies. Government of India also issued a Notification specifying ‘Insurance’ as a permissible form of business that could be undertaken by banks under Section 6(1)(o) of the Banking Regulation Act, 1949.
Detailed explanation-3: -Corporation Bank was a public-sector banking company headquartered in Mangalore, India. The bank had a pan-Indian presence. Presently, the bank has a network of 2, 432 fully automated CBS branches, 3, 040 ATMs, and 4, 724 branchless banking units across the country.
Detailed explanation-4: -History of Bancassurance Bancassurance as a term first appeared in France in the 1980s. At first, many countries believed that the practice of bancassurance would give banks too much control over the financial products in the market. As a result, it was restricted.