Irdai in favour of insurers in SLBC- proposes steep hike in premium target

Irdai in favour of insurers in SLBC- proposes steep hike in premium target

Subject: Economy

Section: Banking

The insurance regulator has proposed the involvement of insurance companies at the state level and a big hike in the premium collection target in the next five years to deepen insurance penetration in the country insurance companies should become members of the State Level Bankers Committee (SLBC) and boost the growth of the sector

State Level Bankers’ Committee

• State Level Bankers’ Committee, set-up as per the Lead Bank Scheme of the Reserve Bank of India, is the highest body of bankers in the state.
• The committee meets once a quarter. In addition to reviewing the activities of the institutional lending, the quarterly meetings discuss various issues concerning the economic development of the state, where banks play a pivotal role.
• The meetings aim at finding solution to the various problems confronting the state. The forum takes the lead in initiating, streamlining and accelerating the process of development in close co-ordination with various government departments, Reserve Bank of India, NABARD and other developmental agencies.
• The quarterly meetings are attended by top-level functionaries of member institutions of SLBC, thereby enabling them for meaningful and purposeful discussions on various matters aimed at solving the various issues.