MUMBAI (Reuters) - The Reserve Bank of India (RBI) on Thursday said banks will be allowed to offer insurance broking services by setting up a subsidiary or through a joint venture if they meet certain conditions, in a move to increase insurance penetration in the country.
The conditions include the banks' net worth should not be less than 5 billion rupees ($80.57 million) and its net non-performing loans should not be more than 3 percent, the central bank said in a statement.
The banks would also be allowed to get into insurance brokerage business on their own, the statement said.
($1 = 62.0550 Indian rupees)
(Reporting by Neha Dasgupta and Devidutta Tripathy; Editing by Sumeet Chatterjee)
