Many consumers prefer to make their financial decisions and purchase financial planning products at a single location that offers a full package of financial services. Thus, banking organizations are a natural alternative delivery system for insurance underwriters looking to expand their customer base. The affiliation of banks and insurance underwriters has been more modest.
As far as reporting of derivative transactions is concerned, a system has already been put in place wherein the banks are required to report the aggregate details of transactions in forward contracts, currency swaps and currency options to the Reserve Bank of India periodically.