The RBI (Reserve Bank of India) on 8 March 2015 notified hike in FDI (Foreign Direct Investment) limit in Insurance Sector to 49 percent from the present 26 percent.
As per the notification, FDI up to 26 percent will be under automatic route and beyond 26 percent and up to 49 percent will be allowed with the approval of Foreign Investment Promotion Board (FIPB).
The RBI notification is in tune with March 2015 decision of Department of Industrial Policy and Promotion (DIPP) regarding operationalisation of increased FDI limit in the insurance sector.
What: Notified by the RBI
When: 8 April 2015