- RBI notifies hike in FDI cap in insurance sector to 49%
- The Reserve Bank today notified government’s decision to raise foreign direct investment (FDI) limit in the insurance sector to 49 percent.
- RBI has included a new term ‘Other Insurance Intermediaries appointed under the provisions of Insurance Regulatory and Development Authority Act, 1999’ under the definition of ‘Insurance’.
- As per the guidelines, FDI of up to 26 per cent come under automatic route and beyond 26 per cent and up to 49 per cent government approval is needed.
- The FDI cap in the sector has been hiked to 49 per cent and that includes foreign investment in the forms of FPI, FII, QFI, FVCI, NRI and DR.
- A foreign player can now invest in insurance company, insurance brokers, third party administrators, surveyors and loss assessors and other insurance intermediaries appointed under the provisions of IRDA Act 1999.
- President appoints Dr Nasim Zaidi as chief election commissioner
- President Pranab Mukherjee has appointed the senior-most Election Commissioner, Dr Nasim Zaidi, as the next Chief Election Commissioner (CEC).
- Zaidi will assume the charge of office of the chief election commissioner with effect from April 19, after the incumbent Harishankar Brahma will retire on April 18.
- Sumit Mazumder takes over as CII President
- Sumit Mazumder, Chairman and Managing Director of TIL Ltd., succeeded Ajay Shriram as President of the Confederation of Indian Industry (CII) for 2015-16 here on Tuesday.
- A graduate of St Xavier’s College (Kolkata), Mazumder has a Master’s in Business Administration from Sam Houston State University, Texas, USA. He also undertook the Advanced Management Program at Harvard University.
- The Confederation of Indian Industry (CII) is an association of Indian businesses which works to create an environment conducive to the growth of industry in the country.
- ‘Visit Kerala’ from April 9
- Kerala Tourism’s Visit Kerala 2015, a new initiative to promote the destination and increase footfall, will be kicked off on April 9.
- The initiative, which will include events ranging from arts to sports, will be on from April 15 this year to April 14, 2016.
- Moody’s raises India outlook to ‘positive’, edges toward ratings upgrade
- Moody’s ratings revised India’s sovereign rating outlook to “positive” from “stable” on Thursday, a step closer to an upgrade of the credit rating, as it expects actions by policymakers to lift the country’s economic growth.
- Gopaldas Neeraj, Uday Pratap Singh conferred with Sahitya Shiromani Samman of Uttar Pradesh
- Uttar Pradesh Government has conferred Sahitya Shiromani Samman on noted Hindi poet Gopaldas Neeraj and veteran Hindi litterateur Uday Pratap Singh.
- Chief Minister of Uttar Pradesh Akhilesh Yadav conferred the award on Neeraj and Singh. Yadav also announced that Neeraj will be given Rashtra Ratn-Sitara-e Hind award for his lifelong service to Hindi literature.
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