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Union Bank sees over Rs 110 crore fee income impact from proposed IRDAI’s distribution norms: CEO

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Union Bank sees over Rs 110 crore fee income impact from proposed IRDAI’s distribution norms: CEO

Union Bank sees over Rs 110 crore fee income impact from proposed IRDAI’s distribution norms: CEO

Union Bank of India expects the proposed IRDAI distribution norms to have a Rs 100–110 crore impact on its fee income at current business levels, CEO Asheesh Pandey said, and that insurance and other commission income accounts for around 7.8-8.1 per cent of fee income.

Union Bank of India expects the proposed distribution norms by the Insurance Regulatory and Development Authority of India ( IRDAI ) to have an impact of around Rs 100-110 crore on its fee income at current business levels, managing director and CEO Asheesh Pandey said on Monday. The bank has already worked out the potential impact even though the proposed norms are still at the draft stage, Pandey said, and that insurance and other commission income accounts for around 7.8–8.1 per cent of the bank’s total fee income. “If you see, around 7.8, 8, 8.1 per cent is my insurance and other commission income to the total of the fee income,” Pandey said during the bank’s Q2 FY27 media interaction. Advt

“So certainly we have worked out and it comes around Rs 100–110 crore. Even if we take at the current level of business and the commission and everything, even then,” he said. The CEO, however, described the impact as relatively small for the bank and said Union Bank is increasingly focusing on building sustainable sources of core fee income . 64 crore from health insurance. 43 crore as commission, exchange and brokerage income on a consolidated basis.


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