In early 2024, a committee of Indian lawmakers will hold talks with representatives of four state-owned banks and insurance companies.
The meeting will be held under banking laws that cover various aspects, including mergers and acquisitions. The information comes from a government document detailing the planned discussions.
The meetings will also include informal discussions with the Reserve Bank of India (RBI) on the legislation governing its operations and regulatory oversight. In addition, the committee plans to hold separate discussions with five insurance companies on the country’s insurance laws.
According to a report, a meeting with 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 scheduled for 2 January.
The document does not specify the purpose of these meetings.
Indian finance ministry sources, requesting anonymity, said there was 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 enquiry to India’s federal finance ministry about the meetings did not receive a response.
Elsewhere in the country, state-owned insurer United India Insurance is set to enter the retail cybersecurity insurance market with the launch of three new products.
