New Delhi, Aug 28 (IANS) The government on Wednesday notified 100 per cent FDI in insurance intermediaries which was announced in the Budget in July this year.
The notification was issued by Department of Financial Services of the Finance Ministry.
Among measures to boost foreign direct investment (FDI) in India, Finance Minister Nirmala Sitharaman, in her maiden budget speech, had proposed permitting 100 per cent FDI for insurance intermediaries.
The FDI limit was set at 49 per cent till now.
Industry had said the move to allow 100 per cent FDI for insurance intermediaries is a positive one and will help in the long-term and holistic development of the industry.
The government has been considering the proposal for 100 per cent FDI in insurance intermediaries for the past two years. The insurance regulator was also in favour of the move.
The FDI hike could also boost use of newer technologies, according to industry experts.
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