Vijaya Bank mulls options for insurance broking

Bangalore-based Vijaya Bank is exploring alternative routes to enhance its fee-based income from the insurance sector. The bank is trying to tap the sector either through the corporate agency route or referral business. Vijaya Bank, it may be recalled, had earlier forged alliance with Punjab National Bank and the Principal Financial Group of the US to float an insurance company. However, they decided to move out of the three way alliance following the objections raised by the Insurance Regulatory and Development Authority (IRDA). IRDA raised issues with the bank stating that it cannot participate in a broking company vending insurance ...

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