Context:
Parliamentary Standing Committee on Finance Holds Reforms Under the Insurance Amendment Bill
Key Highlights:
- Welcomes the Insurance Amendment Bill which includes single composite licence and reduction in capital requirement.
- Urges for expeditious consideration by the Ministry so that insurance companies can be allowed to do business both life and non-life business lines.
- The Centre is reported to be working on a draft bill on the amendment of the Insurance Act and going up to 100% in foreign investment.
4. Bank raises limit for collateral-free agriculture loan
- The Reserves Bank of India raised the collateral-free agricultural loan limit from ₹ 1.6 lakh to ₹ 2 lakh.
- It has increased from ₹ 1 lakh in 2010 to ₹ 1.6 lakh in 2019.
- Enhance coverage of small and marginal farmers through the formal credit system.
- Credit to agriculture and allied activities grew on a yearly basis by 15.5% in October 2024.
