Indian cabinet OKs higher FDI limit for insurers

The revisions will now be introduced to Parliament.

The Indian cabinet has approved to increase the FDI limit in insurance firms to 74%, reports the Press Trust of India.

The FDI revisions will be introduced to Parliament for approval and once approved, the process for an applicable framework will start.

First proposed during a budget meeting in February, the new FDI rules also require that resident Indians should comprise the majority of board directors whilst at least 50% of directors should be independent.