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The proposed foreign direct investment (FDI) limit hike in insurance sector is expected to result in inflow of $5 billion over the next 5 years, said GS Sandhu, Secretary, Financial Services.
The Government will take steps in the Winter Session to get the pending insurance Bill passed in Parliament, he said at the TIEcon Delhi 2014 event in the Capital on Friday. BusinessLine is a print media partner for the event.
“We are already working on building consensus for this Bill so that the FDI limit can be hiked to 49 per cent,” Sandhu told BusinessLine on the sidelines of the event.
He clarified that the estimate of $5 billion pertained only to insurance sector and did not include the likely foreign investment into the pension sector. India plans to hike FDI limit in insurance sector from the 26 per cent to 49 per cent.
A Bill to amend the existing insurance law for this purpose is currently awaiting Parliament approval.
Private insurers are looking forward to the FDI limit hike as it would open the door for more capital inflow into the Indian insurance sector.
Jan Dhan accounts cross 6-cr
The number of bank accounts opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY) has crossed the six-crore mark, said Sandhu.
The total savings deposits in these accounts stood at about ₹4,500 crore till date, he said.
“We will initially use the ₹100 crore in this fund. The Government will also bring in a small contribution later if need be,” he said.
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