The amendments replace paragraphs 44– 47, reiterating that all activities permitted to banks under Banking Regulation Act, must be undertaken directly by the bank. Specialized activities, such as mutual funds, insurance, pension fund management, investment advisory, portfolio management, and broking, must be conducted only through subsidiaries, joint ventures, or associates. NOFHCs are not required to seek prior RBI approval for these specified activities, but must notify the RBI within 15 days of board resolution.