Banks as insurance brokers? Yes, no, maybe

.......The RBI draft has also outlined a remuneration structure so that banks don’t have much incentive to hard sell products. According to the draft, the staff engaged in insurance broking services will not be paid any incentive, in cash or kind that is linked to the income received from the broking business. The staff is also not permitted to receive any incentive directly from the insurer. “The idea here is to ensure that the banking business does not suffer at the hands of third-party income. Eventually,........

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