Indusind Bank fined ₹1 Cr by IRDAI for bancassurance compliance issues

Indusind Bank Ltd has been penalized ₹1 crore by the Insurance Regulatory and Development Authority of India (IRDAI) for non-compliance with certain regulations related to its bancassurance operations. The penalty stems from audit observations concerning grievance redressal and reporting mechanisms for insurance policyholders. The IRDAI's inspection, conducted in June 2023, identified issues such as non-compliance with renewal notices, inadequate website disclosures regarding its role as a corporate agent, and lack of certain grievance redressal facilities. The bank has been issued an order dated September 10, 2026, imposing the fine.