..............Banks will be allowed to conduct insurance broking departmentally; there is no need to form a subsidiary or a joint venture. "In order to avoid any conflict of interest, banks undertaking insurance broking cannot enter into agreements either for corporate agency or for referral arrangements for insurance, either departmentally or through subsidiaries/group companies," RBI said, adding these guidelines would be reviewed after three years. The validity for the approvals granted would also be three years..............
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