MUMBAI, Oct. 7 -- The Reserve Bank of India (RBI) is reviewing the impact of proposed insurance-distribution reforms on banks and non-banking financial companies (NBFCs), with governor Sanjay Malhotra saying the central bank will share its views with the insurance regulator.

The comments come as the Insurance Regulatory and Development Authority of India (Irdai) considers sweeping changes to the economics and architecture of insurance distribution, including tighter limits on insurers' expenses of management (EoM), a return to product-level commission caps and a simplified distribution framework.

Asked whether the RBI and Irdai would coordinate on the proposed changes, Malhotra said the matter primarily falls within the insurance regula...