Financial services firms must be kept out of banking sector: J Hari Narayan, Irda chief

.....The move to issue new bank licences has prompted conflicting reactions. While the idea of conglomerates floating banks has been welcomed as they have the financial muscle, there is also the fear that they could manipulate it to further their business interests and compromise depositors' interest. "Insurance and banking must be boring businesses and real jazz must be in investment, mutual fund and venture capital funds,"........

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