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The RBI set these terms in the draft guidelines for the regulatory framework for the aggregation of loan products by lending service providers (LSP) in order to enhance transparency and enable borrowers to have prior information about potential lenders.
The industry’s growth is driven by the health and motor insurance segments. However, compared to last year, there was a decline in growth due to a fall in liability, crop insurance and credit guarantee, while fire and marine segments reported subdued growth numbers compared to last year.