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Insurance: RBI relaxes norms for banks

MUMBAI SEPT. 24. The Reserve Bank of India has said that banks need not obtain its prior approval for engaging in insurance agency business or referral arrangement without any risk participation, subject to certain conditions.

The banks should comply with the Insurance Regulatory Development Authority regulations for acting as composite corporate agent or referral arrangement with insurance companies, the RBI said in a notification here today.

However, banks intending to set up insurance joint ventures with equity contribution on risk participation basis or making investments in the insurance companies for providing infrastructure and services support, would continue to obtain the prior approval of the Reserve Bank of India. The risks, if any, involved in insurance agency/referral arrangement should not get transferred to the business of the bank, it added. — PTI

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