The offering of all types of financial products by banks is referred as Universal Banking. Various products offered by banks are banking products, Mutual Funds, Insurance Products, Capital Market, Commodity Market services, Merchant banking, Advisory services and many more.
Universal Banking was started in India in 2000 after Government of India amended the Banking Regulation Act to allow to banks to participate in insurance business with or without risk participation. Consequently, banks started their own Joint Venture insurance companies or arranged corporate tie-ups with insurance companies, which is also referred as Bancassurance model.
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Some of the products offered by banks under Universal Banking are:
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