Finance Minister Nirmala Sitharaman’s advice to banks to focus on core banking caused anxiety in the insurance industry, leading to a drop in shares of life insurance companies SBI Life, HDFC Life, ICICI Prudential, and Max Financial.
SBI life droped by 3 % & HDFC Life dropped by 1.67% on BSE. In hope that they will improve their core banking for it’s own benifit, which can alternatively improve its performance also.
