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A union representing India’s largest public bank along with a coalition of labour unions and NGOs requested the Reserve Bank of India to reject applications of “profit-making” big companies, especially Amazon, from setting up alternate payment systems. Reuters reported on this first on April 8.
Amazon, Google, Facebook and others have applied to set up New Umbrella Entity (NUE) a parallel payment ecosystem proposed by RBI to reduce concentration risks in the payment sector. This would rival the quasi-public National Payment Corporation of India (NPCI), which is currently the main operator for digital transactions in the country.
State-run State Bank of India’s union All India State Bank of India Staff Federation (AISBISF), labour unions and NGOs under the banner of UNI Global Union, IT for Change and the Joint Action Committee Against Foreign Retail and E-Commerce (JACAFRE) wrote a letter in this regard to the RBI.
Rules for insurance firms’ control tweaked after FDI ceiling raised to 74%
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New norms seen as a ‘mixed bag’
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New norms seen as a ‘mixed bag’
Indian promoters of insurance joint ventures with foreign partners will no longer be able to nominate a majority of the board members, as per the new rules notified under the Insurance Act. This follows the recent amendments to enhance the foreign direct investment (FDI) limit in the sector to 74% from 49%.
However, a majority of board members, key management persons (KMP) need to be resident Indian citizens, as should at least one of the three top positions the chairperson of the board, the MD and CEO.
Introduction
For several years, stakeholders in the Indian insurance sector have wanted the foreign direct investment (FDI) limit for Indian insurers to be increased to 74% in parity with the FDI limit applicable to the private banking sector. On 1 February 2021, pursuant to the central budget speech for the financial year 2021-2022, the finance minister announced that the FDI cap for Indian insurers will be increased from 49% to 74%. In addition, it was announced that under the new framework:
foreign ownership and control would be allowed with safeguards;
the majority of directors on an insurer s board of directors and key management persons would be required to be resident Indians;
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