........The regulation of WMS has been sparse and vests with different agencies like the RBI, SEBI and the Insurance Regulatory and Development Authority. The need to bring decades-old regulatory rules up to date has been felt not just because of the tremendous growth in the volume and range of businesses that go under the broad category of WMS but also because as many as 25 banks, three prominent private banks earlier and very recently 22 banks, both public and private, were found guilty of stretching even these minimal rules and slapped with stiff fines............
Read - The Hindu
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