Current Affairs · Banking Regulations

Based on RBI guidelines for para-banking activities, evaluate the following statements for a scheduled commercial bank: Statement I: For the bank to act as a corporate agent, it does not require any specific permission from the RBI but must follow IRDAI regulations. Statement II: To set up a joint venture insurance company with a 49 percent equity stake, the bank must maintain a minimum net worth of 500 crore rupees, a CRAR of not less than 10 percent, and a track record of continuous net profits for the last 3 financial years. Statement III: Referral services provided by banks are limited to providing a platform for the insurance company to contact the bank's customers, and the bank is strictly prohibited from participating in the selling process. Statement IV: The aggregate investment by the bank in all its subsidiaries and financial services companies must remain within the ceiling of 20 percent of the bank's paid-up capital and reserves. Which of the following combinations of statements is correct?