Finance Minister Nirmala Sitharaman, while presenting the Union Budget for 2025-26 in Parliament today, unveiled a series of reforms aimed at strengthening the financial sector.
One of the most notable changes is the increase in the Foreign Direct Investment (FDI) limit for the insurance sector. The FDI cap will rise from 74% to 100%, a move expected to attract more global capital into the sector.
In her address, Sitharaman also announced the creation of a forum dedicated to improving regulatory coordination, particularly in the development of pension products. The forum will aim to streamline and modernize the regulatory framework for pensions in India.
Additionally, the Finance Minister outlined plans for a revamped Central KYC Registry, set to roll out in 2025. This new system is designed to simplify the Know Your Customer (KYC) process, making it more efficient for both financial institutions and customers.
