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Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025 On December 20, 2025, the President of India gave assent to the Sabka Bima Sabki Raksha Act, 2025, amending the Insurance Act, 1938, LIC Act, 1956, and IRDAI Act, 1999. The Act addresses India’s low insurance penetration of 4% of GDP and aims to diversify the reinsurance market. Major Provision Details Foreign Investment & Capital The FDI limit in Indian insurance companies is increased from 74% to 100%. To encourage foreign re-insurers, the Net-Owned Fund (NOF) requirement is reduced from Rs. 5,000 crore to Rs. 1,000 crore. Operational Reforms The…
10 April, 2026
Current Economic News
The Banking Laws (Amendment) Act, 2025 The Banking Laws (Amendment) Act, 2025 introduces reforms in banking operations, nomination rules, cooperative bank tenure, reporting standards, and investor education mechanisms. Key Provision Details Substantial Interest Hike Raises the threshold for defining substantial interest in a bank from Rs. 5 lakh to Rs. 2 crore. Nomination Reform Introduces flexible and multiple nomination facilities for bank deposits and locker contents. Cooperative Bank Tenure Increases the maximum tenure of directors in cooperative banks from 8 years to 10 years. Statutory Reporting Harmonizes reporting deadlines for banks with modern accounting cycles to reduce manual compliance burdens.…
10 April, 2026
Current Economic News
RELIEF Scheme 2026 The RELIEF Scheme, launched on March 19, 2026, stands for Resilience and Logistics Intervention for Export Facilitation. It was introduced as a time-bound emergency support measure for Indian exporters affected by maritime disruption linked to instability in West Asia. The scheme responds to problems such as delayed shipments, higher freight charges, increased insurance costs and stuck export consignments. It is especially significant for MSME exporters because small businesses are more vulnerable to sudden increases in logistics cost and international payment risk. Aspect Details Allocation Rs. 497 crore has been sanctioned for the initiative. Target group Focus on…
01 April, 2026
Current Economic News
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