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Para Banking and Financial Services Provided by Banks
What is meant by 'para banking' activities of commercial banks?
Para banking refers to financial services provided by banks beyond their core lending and deposit functions, such as insurance, mutual funds, demat services, and merchant banking, typically offered through subsidiaries or tie-up arrangements.
What is the maximum number of nominees allowed for a Demat account in India?
A Demat account allows up to three nominees.
Which regulatory body governs the insurance distribution activities of banks in India?
The Insurance Regulatory and Development Authority of India (IRDAI) regulates insurance distribution, while RBI oversees the bancassurance arrangements of banks; banks must obtain a corporate agency license from IRDAI to sell insurance products.
What is the full form of NSDL in the context of Indian depositories?
National Securities Depository Limited.
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