New Delhi: Rajya Sabha on Thursday approved a bill to increase foreign direct investment (FDI) limit in insurance sector to 74 per cent from the current 49 per cent.
Finance Minister Nirmala Sitharaman said foreign investment will supplement domestic long-term resources to boost insurance penetration in the country.
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Majority of directors on the board and top management persons will be resident Indians, with at least 50 per cent of directors being independent directors, The Indian Express reported.
The decision to raise FDI limit was taken after regulators IRDAI held detailed consultation with stakeholders.
