Draft Guidelines on Entry of Banks into Insurance Business – Insurance Broking Business

RBI decided to permit banks to undertake insurance broking business departmentally. Since Insurance Broking is a knowledge intensive activity which requires professional expertise, this will be permitted subject to the certain conditions. Banks desirous of offering insurance broking services should seek specific prior approval of Reserve Bank of India. Validity period for the approval granted for insurance broking will be three years subject to review thereafter. Draft Guide lines on Entry of the Banks into Insurance Business are kept on RBI website