Indian lawmakers to meet with insurers over country’s laws

Five firms will meet with a regulator on January 2

Indian lawmakers to meet with insurers over country’s laws

In early 2024, a committee of Indian lawmakers is scheduled to hold discussions with representatives from four state-owned banks as well as insurance companies.

The meeting is set to occur under the framework of banking laws that encompass various aspects, including mergers and acquisitions. The information comes from a government document detailing the planned discussions.

The meetings will also involve informal talks with the Reserve Bank of India (RBI) regarding the legislation that governs its operations and regulatory oversight. Additionally, the committee plans to engage in separate discussions with five insurance companies about the nation’s insurance laws.

As per a Reuters report, a meeting involving the Insurance Regulatory and Development Authority of India (IRDAI), Life Insurance Corporation, SBI Life Insurance, National Insurance Co, Oriental Insurance, and the New India Assurance Co is also slated for January 2.

The purpose of these meetings, as per the document, has not been specifically disclosed.

Sources from the Indian finance ministry, preferring anonymity, communicated that there is currently no proposal under consideration by the government to merge these public sector banks. They described the upcoming discussions as part of a “routine exercise.” An inquiry sent to India’s federal finance ministry about the meetings did not receive a response.

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