The Department of Financial Services is seeking a capital infusion of INR60bn ($826m) in the three to-be-listed state-owned non-life insurers to shore up their weak solvency position.

The Department made the request for the funds in a letter to the budget division of the Finance Ministry, reported Financial Chronicle citing highly placed sources. The Department wants the INR60bn to be provided for in the Budget for the fiscal year starting 1 April 2019 (FY2020) or as a supplementary demand for grant. Read More


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