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India: Central bank head to discuss insurance broking proposal with banks

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India's central bank governor Raghuram Rajan is to discuss the issue of banks becoming insurance brokers with certain public sector banks as the central bank is yet to finalize guidelines on the matter, The Hindu Business Line reported.

The current guidelines allow banks to become a corporate agent and sell insurance products from a limited number of insurers.

The Finance Ministry wants banks to shift to the broking model by the end of January 2014. This plan poses a problem for banks already having insurance joint ventures.

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