Financial Daily
from THE HINDU group of publications
Wednesday, August 01, 2001
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Financial Daily from THE HINDU group of publications Wednesday, August 01, 2001 |
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Don't `bank' on insurance
A. Jacob Sahayam, Karigiri
The UTI muddle should be reason enough not to have `Integration of banking and insurance' (Business Line, July 30). Wherever banking is owned by insurance companies or vice-versa, they should come under separate managements and under their respective con
trolling authorities so that the funds of one cannot be diverted to the other.
Sharing of information and using the facilities of one another is a different matter. In fact, the census particulars give a lot of information that could be used advantageously by these financial institutions.
And constituting a separate body to oversee and coordinate the function of these financial institutions may be superfluous and expensive in these days of downsizing. This could be done by the particular wing of the Finance Ministry.
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