The chairman of Insurance Regulatory and Development Authority of India (Irdai) also said that banks must not forget their core activity. Panda echoed Sitharaman, who too had told lenders on Monday to stay focused on their core activity of mobilising deposits and lending money.Speaking at the State Bank of India's (SBI's) Annual Business & Economic Conclave, Panda said, "...the bank channel is a very useful channel, but of late, a lot of ills have crept into the system". "I think we all need to sit together... restore that confidence, and it should become a distribution model which is low cost. You don't need to chase customers. You have to give the option to the customer. No mis-selling, no force-selling, the Bima Sugam will also facilitate that," Panda said.Banks and insurance firms have tied up to sell insurance products through bank branches and this partnership is known as bancassurance.

A lot of 'ills' have crept into the system: Panda on product mis-selling

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is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 87 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.

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which gives digital readers unlimited access to 9,000+ magazines and newspapers for a monthly subscription price. Magzter also has the largest number of stories in the world with its game-changing ezRead 2.0 feature for its apps, which enables smartphone and small-screen mobile users to enjoy magazine content the way it was meant to be enjoyed, with article text that is easy to read and is accompanied by stunning videos and high resolution photography.

{{magzter}} is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 87 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.