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India: Insurance broking model of banks to pick up in due course, says watchdog

February 19, 2014 - 6:00am

Insurance Regulatory and Development Authority chairman T.S. Vijayan said the new insurance broking model of banks, under which banks are allowed to sell products of multiple insurers, will gain momentum in "due course of time."

Mr. Vijayan said "some banks are reluctant as many of them have already entered into tie-ups with insurers," The Mint reported.

The regulator has not set any fixed timeline for banks to act as brokers.

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