rbi

Photo: The Print

RBI Asks Banks To Limit Stake In Insurance Sector

The Reserve Bank of India has requested banks to dilute their stake in the capital intensive insurance sector to 20%, reducing the limit to over half. The regulator urged banks to focus on the dominant area of business instead of the insurance sector, seen as a 'money guzzling business,' Earlier, banking institutions were eligible to hold a 50% stake in insurers. Interestingly, the move came after the Centre increased the FDI cap to 74%.

Tue, 02 Mar 2021 - 07:17 PM / by Ronit John

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