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📝 Revision Notes
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Insurance Regulation
IRDAI Investigation Panels
IRDAI formed investigation panels during its 132nd meeting to examine breaches of Insurance Act and regulatory norms. This was triggered by increasing cases of bancassurance-related mis-selling and claim settlement issues, requiring strict enforcement and enhanced consumer protection measures.
Insurance Licensing
R1 Application Approval
The R1 application marks the initial registration stage for new insurance companies. IRDAI approved Kiwi General Insurance Ltd’s R1 application during its 132nd meeting, moving it closer to becoming a licensed general insurer in India’s growing insurance market.
Women Wellness
Mahila Aarogyam Kaksh Initiative
The Mahila Aarogyam Kaksh, inaugurated at Shastri Bhawan, New Delhi, provides fitness and mental wellness support to women employees through dedicated facilities and wellness programs. This aligns with government goals of creating human-centric, gender-sensitive workplaces.
Agricultural Integration
PM Dhan-Dhaanya Krishi Yojana Structure
PMDDKY, introduced in Union Budget 2025-26, merges 36 agricultural schemes from 11 ministries under a unified framework. This data-driven, district-centric approach optimizes resources, eliminates duplication, and improves farmer incomes through integrated planning.
Farmer Participation
District Dhan Dhaanya Samitis
Unlike previous programs, PMDDKY establishes District Dhan Dhaanya Samitis that prepare District Agriculture and Allied Activities Plans (DAAAP) with farmer inputs. This bottom-up approach ensures localized planning and genuine farmer participation in agricultural decision-making.
Infrastructure Development
Bihar’s Viksit Bharat Projects
Under Viksit Bharat Mission, ₹7,200 crore projects launched in Motihari focus on urban infrastructure, housing (over 3 lakh pucca houses), and connectivity. This comprehensive urban development initiative aims to uplift Bihar’s infrastructure and economic landscape.
Bilateral Relations
India-UAE Strategic Partnership
India-UAE cooperation is expanding into nuclear energy and advanced technology, marking new dimensions in bilateral engagement. This comes alongside strong trade ties that crossed $100 billion five years ahead of 2030 target, demonstrating accelerated economic cooperation.
Financial Governance
NFRA Chairperson Appointment
Nitin Gupta, former CBDT Chairperson, was appointed as National Financial Reporting Authority (NFRA) Chairperson for a 3-year tenure, succeeding Ravneet Kaur. NFRA oversees audit quality and accounting standards, ensuring financial reporting integrity in India.
Naval Capability
INS Nistar Diving Support Vessel
Commissioned on July 18, 2025, INS Nistar is India’s first indigenous Diving Support Vessel for deep-sea saturation diving and rescue operations. This rare capability, possessed by very few navies worldwide, significantly enhances India’s underwater maritime rescue capabilities.
Medical Innovation
ADIDOC Prosthesis Launch
Launched July 14, 2025, ADIDOC is India’s first Make-in-India advanced Carbon Fibre Foot Prosthesis, developed by DRDO and AIIMS Bibinagar under Aatmanirbhar Bharat. It makes high-end prosthetics affordable and accessible, reducing dependency on expensive imports.
🎴 Revision Flashcards
Click each card to flip and test your recall
Tap to Reveal
Why did IRDAI form investigation panels?
Bancassurance mis-selling & claim settlement issues
132nd meeting, Insurance Act breaches
Tap to Reveal
What does R1 application signify in insurance?
Initial registration stage for new insurer
Kiwi General Insurance Ltd approved
Tap to Reveal
How many schemes does PMDDKY integrate?
36 schemes from 11 ministries
Data-driven, district-centric approach
Tap to Reveal
What distinguishes PMDDKY from previous schemes?
District Dhan Dhaanya Samitis for local planning
Bottom-up approach with farmer inputs (DAAAP)
Tap to Reveal
What are new India-UAE cooperation focus areas?
Nuclear Energy & Advanced Technology
Trade crossed $100B, 5 years ahead of target
Tap to Reveal
Who is the new NFRA Chairperson?
Nitin Gupta
Former CBDT Chairperson, 3-year tenure
Tap to Reveal
What is INS Nistar’s primary function?
Deep-sea saturation diving & rescue
Diving Support Vessel, commissioned July 18, 2025
Tap to Reveal
What is ADIDOC prosthesis?
Affordable Carbon Fibre Foot Prosthesis
DRDO-AIIMS Bibinagar, Make in India
Think & Discuss
Bancassurance Mis-selling: Symptom of Broken Incentives or Consumer Ignorance?
Context from today’s quiz: IRDAI formed investigation panels to examine breaches triggered by increasing cases of bancassurance-related mis-selling and claim settlement issues. Bancassurance—selling insurance through bank branches—has become a major distribution channel in India, but concerns about aggressive sales tactics and inappropriate product recommendations have prompted regulatory scrutiny.
🤔 Your Perspective Matters
Bancassurance mis-selling reflects a fundamental tension: bank employees are incentivized to sell insurance products through commissions and targets, but customers trust their banks for neutral financial advice. When the person managing your savings account also gets paid to sell you insurance, the conflict of interest is structural, not individual. Customers—especially in rural areas or among less financially literate populations—may assume bank recommendations are impartial, making them vulnerable to products they don’t need or understand. Yet banning bancassurance would restrict access to insurance for millions who rely on banks as their primary financial touchpoint.
Is bancassurance mis-selling primarily a result of perverse incentive structures that reward sales over suitability, or does it reflect deeper issues of financial literacy where consumers cannot meaningfully evaluate complex insurance products regardless of how they’re sold?
Is bancassurance mis-selling primarily a result of perverse incentive structures that reward sales over suitability, or does it reflect deeper issues of financial literacy where consumers cannot meaningfully evaluate complex insurance products regardless of how they’re sold?
- Should regulators ban commission-based compensation for bancassurance to eliminate conflicts of interest, even if this reduces bank motivation to offer insurance products and potentially limits access for underserved populations?
- Can mandatory cooling-off periods, simplified product disclosures, and suitability assessments genuinely protect consumers from mis-selling, or are these measures just compliance theater when customers fundamentally lack the financial literacy to challenge bank “advice”?
- Who bears primary responsibility when mis-selling occurs—individual bank employees following institutional incentives, banks creating pressure-driven sales cultures, insurance companies partnering with banks despite knowing the risks, or regulators allowing conflicted business models to persist?
We’d love to hear your thoughts! Share your perspective in the comments.
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