Govt Clears Path For 100% FDI In Insurance: DFS Secretary Confirms Reform Push | Business News #ETNOW
Govt Clears Path For 100% FDI In Insurance: DFS Secretary Confirms Reform Push | Business News
DFS Secretary M. Nagaraju on ET Now: Insurance Reforms, PSU Listings & OFS Plans.
In an exclusive interaction with ET Now, DFS Secretary M. Nagaraju said the government welcomes Canara Bank’s move to list its insurance arm, adding that other PSU banks may unlock subsidiary value based on market conditions. On insurance reforms, he confirmed that GST benefits are being passed on to policyholders and that the Finance Minister is committed to allowing 100% FDI in the insurance sector. Amendments to the IRDAI Act, LIC Act, and Insurance Act are expected in the next Parliament session to strengthen the industry and enable composite licences. Nagaraju added that PSU banks and their subsidiaries will continue hiring external talent for specialised roles. On PSU divestment, he said the OFS process for public sector banks is underway with no fixed targets, while IDBI Bank’s divestment is progressing as planned.
#insurancereforms #psulisting #fdiiinsurance #ofsplans #canarabank #irdaiact #licact #dfsindia #nagaraju #etnow
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