RBI, IRDAI nod must for FDI in bank-led insurance
The Hindu
Regulators will ensure compliance
Applications for foreign direct investment in an insurance company promoted by a private bank would be cleared by the RBI and IRDAI to ensure that the 74% limit of overseas investment is not breached. The changes took effect following amendments to the Foreign Exchange Management (Non-debt Instruments) Rules, 2019, as per the gazette notification issued by the Finance Ministry on August 19. “These rules may be called the Foreign Exchange Management (Non-debt Instruments) (Second Amendment) Rules, 2021,” it said.
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