Kathmandu: The Bankers Association has suggested to include bancassurance services in the monetary policy of the up coming FYr 2078/79(2021-22). The association, while submitting suggestions to Nepal Rastra Bank, has demanded for the provision of bancassurance in a systematic manner to expand insurance service. Nepal Rastra Bank is the central bank of Nepal.
In order to increase the access to insurance, banks and financial institutions in collaboration with insurance companies have suggested to implement the provision of selling insurance policies to their customers in a systematic manner.
The association is of the view that when banks provide bancassurance services to 750 local level commercial banks in the country, the customers will be able to get services easily and this will help in expanding the insurance service.
Bancassurance was discontinued last year after banks were involved in forceful sale of insurance policies to their borrowers/customers. Although Beema Samiti,the insurance regulator, has paved the way for the banks to sell the policy, later it was restricted by the Central Bank citing of forced sales. But the association has demanded for the continuation with some strict guidelines.