The Insurance Regulatory and Development Authority (IRDA) has imposed Rs 5 lakh penalty on Punjab & Sind Bank for violating the norms for corporate agencies.
In an order, the regulator said that the bank has received payments from Aviva Life Insurance Company Ltd as its corporate agent over and above the permissible level of commission in the form of rent for infrastructure and advertisement and publicity expenses, among others.
This was in violation of the regulation and hence the penalty was imposed, the order said.