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The performance of these public sector insurers will be reviewed in FY25 to plan any further capital infusion, he said.
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Joshi said the government is holding internal discussions on the draft of the Insurance Bill, which includes composite licensing
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The airlines said its Board of Directors, in a meeting on January 25, approved the allotment of 5.55 crore equity shares on a preferential basis to 54 subscribers.
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In the past 10 Union budgets, public sector banks have got capital infusion thrice, totaling Rs 3.35 lakh crore.
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According to a regulatory filing, Eternal investors and M&M will contribute Rs 350 crore and Rs 525 crore, respectively, over the next 2-3 years to strengthen the business.
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The government will review the need for any capital infusion in the public insurers only next year, the official said
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With this latest capital injection, Mirae Asset India has received a total funding of Rs 3,190 crore, reflecting the parent's belief in the growth potential of this market, apart from reinforcing the Korean fund house's commitment to expanding its presence in the country.
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The government in FY22 provided Rs 5,000 crore capital to three insurers --National Insurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company.
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The Bengaluru-based digital lender said the latest capital infusion came from Saison International, the global business division of the parent, in two tranches.
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The government is planning to infuse capital into IFCI in order to reduce its debt burden, sources privy to the matter said a merger is possible as well.
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With LIC’s IPO round the corner, the proposed sale of IDBI Bank is likely to gain momentum and the real attraction for the prospective buyer will be the bank's large and strong deposit base
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He was responding to a host of questions asked by Congress party's Member of Parliament Manish Tewari.
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This infusion has increased the paid-up equity share capital of IIFCL to Rs 9,999.92 crore against the authorized share capital of Rs 10,000 crore.
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The lender will issue 1,64,13,79,310 shares to the government at a price of Rs 10.15 per share against capital infusion of Rs 1,666 crore, the bank said in a regulatory filing.
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The private lender said that the capital infusion via issuance of fresh equity shares would be subject to regulatory approvals.
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The bank is in talks to tie-up with 16 non-banking finance companies (NBFCs) and Housing Finance Companies (HFCs) for co-origination of retail and MSME loans. It aims to sanction Rs 1000 crore of loans via co-origination route by September.
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With the Modi 2.0 government set to unveil the Union Budget on July 05, bankers are hopeful that around Rs 30,000 crore will be allotted to state-run banks, although the RBI chief has suggested a different approach
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According to the regulator, there would be no change in control of the banks pursuant to the proposed acquisition of additional shares by the government.
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The exemption has been given with regard to Syndicate Bank, Vijaya Bank, Bank of Baroda and Union Bank of India also. Following capital infusion in these listed public sector banks, the government's respective stakes would rise in them.
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As on December-end, LIC's stake in the bank stands at 12.12 percent while that of government stands at 80.50 percent
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"Board of directors of the bank at its meeting held on January 3, 2018 considered and approved the proposal of raising of equity capital up to Rs 650 crore by way of preferential allotment in favour of government," it said in a regulatory filing.
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There are seven public sector banks (PSBs), including United Bank of India, Indian Bank, Bank of Maharashtra and Central Bank of India, where the government holding is above 75 per cent.
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Government official told CNBC-TV18 that the finance ministry has allocated around Rs 8,000 crore in last tranche of bank recapitalisation for current financial year.
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The government has approved the second tranche of capital infusion in public sector banks to enhance their capital base.
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United Bank of India has received a communication from the Central Government, on March 16, about capital allocation of Rs 418 crore, as a part of turnaround linked capital infusion plan.
