The finance minister in Union Funds 2025-26 had proposed to lift the restrict of overseas funding in insurance coverage sector from the prevailing 74 per cent to 100 per cent.
Elevating the restrict will get rid of the necessity for overseas buyers to search out Indian companions for the remaining 26 per cent, easing the method of establishing their operations in India, successfully growing the variety of insurers within the nation, she stated in a written reply to Lok Sabha.
This may entice steady and sustained overseas funding, enhance competitors, facilitate expertise switch, and enhance insurance coverage penetration within the nation, she stated.
The choice to extend FDI part in a specific insurance coverage firm is made by its promoters, relying upon numerous elements resembling capital requirement of the corporate, solvency requirement, future enterprise plans and so forth, the minister stated.
Replying to a different query, Sitharaman stated with the intention to enhance protection beneath Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY), common campaigns had been held at grass root stage with energetic participation of banks and native administration. Additional, she stated, a 3-month ‘Monetary Inclusion Saturation Marketing campaign’ has been launched throughout the nation in 2.70 lakh gram panchayats and City Native Our bodies (ULBs) from July 1, 2025, with the intention of accelerating enrolments in PMJJBY, PMSBY and APY. To realize saturation in these Jansuraksha schemes, camps are being organized at gram panchayat stage and ULBs by banks, offering residents with direct entry to info and help for enrolling within the scheme, she stated.
The initiative is aimed to lift consciousness and enhance participation, serving to to bridge gaps in enrolment beneath the scheme.
The Centre for Monetary Literacy (CFL) mission was initiated by the Reserve Financial institution of India in 2017 with an goal to undertake community-led revolutionary and participatory approaches to monetary literacy, the minister stated.
As on March 31, 2025, a complete of two,421 CFLs have been arrange throughout the nation with one CFL overlaying three blocks on a median, she added. PTI