In the year 2002, as a the reforms in Financial Services Sector, the Government of India allowed banks to enter the insurance sector-either as new joint ventures (subject to satisfying the prescribed norms), or as distribution outlets for insurance companies. This concept, termed "Bancassurance", implies distribution of insurance products through Banks. The name traces its origins to France and it has also been referred to as "Allfinanz", ...
Banking has progressed far beyond taking deposits and lending to different sections of society. The reasons for this change include the growth of banking technology that has changed the face of this industry with a decreasing emphasis on human intervention. Debit and credit cards, core banking, and internet banking are borne of technology. And now banks are giving a thrust to retail banking. On the other hand, due to intense competition in the banking industry, ...