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Bank Insurance Business

Banks will now be able to provide customers a choice of insurance companies whose products can be bought through the bank with the central bank permitting banks to get into insurance broking.However, RBI has put on banks, the onus of ensuring the suitability of insurance product sold to their customers.

The insurance industry meanwhile is almost equally divided between companies that have equity participation from banks and those that do not. Companies that do not have a bank partner have been lobbying with the regulator and the government for an open architecture system where one bank can sell products of multiple companies

June 2015
Delhi -India