The average FDI investment in the 23 private life insurer is only 35.5 per cent, 30 per cent for 21 non-life private insurers and 31.7 per cent for the 7-specialised health insurance as of March 2019.
Loading the player.
US overtakes Saudi Arabia to become India s second biggest oil supplier
The United States overtook Saudi Arabia as India s second biggest oil supplier last month, as refiners boosted cheaper US crude purchases to record levels to offset OPEC+ supply cuts, data from trade sources showed. India s imports from the United States - the world s top producer - rose 48 per cent to a record 545,300 barrels per day (bpd) in February from the prior month, accounting for 14 per cent of India s overall imports last month.
Ratan Tata-funded Generic Aadhaar pharmacy chain launches app; to take on online pharmacies
Ratan Tata funded Generic Aadhaar, a pharmacy chain selling low cost medicines, has launched a mobile app to take on competition from online pharmacies. The app, launched by Ratan Tata yesterday in Mumbai, has facilities to upload prescriptions and place orders. The medicines will be delivered from the nearest generic Aadhaar franchise store.
Read more about FM Sitharaman introduces Bill in Rajya Sabha to allow 74% FDI in insurance on Business Standard. The government had earlier allowed 100 per cent foreign direct investment in insurance intermediaries
Bill to hike FDI in insurance sector to 74% tabled in Rajya Sabha
The amendments to Insurance Act propose to appoint resident Indians on majority of directors on the board and key management positions, with at least 50 per cent of directors being independent directors
BusinessToday.In | March 15, 2021 | Updated 23:30 IST
Finance Minister Nirmala Sitharaman has tabled a Bill in Rajya Sabha to amend the Insurance Act to increase foreign direct investment (FDI) in the sector to 74 per cent from 49 per cent.
The Union Cabinet had approved the amendments listed in the Insurance Amendment Bill 2021 last Wednesday. It aims to amend FDI provisions in Insurance Act 1938.