Govt mulls permitting FDI in LIC
New Delhi, August 24
The government is mulling allowing FDI in LIC, sources said. The proposal is under discussion between the Department of Financial Services and Department of Investment and Public Asset Management. “Discussions have been going on for the past few weeks. It would also go for inter-ministerial discussions and require Cabinet nod,” a source said. — PTI
Current policy
As per current FDI policy, 74% foreign investment is permitted under the automatic route in the insurance sector. However, these rules do not apply to the LIC, which is administered through a separate LIC Act.
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