The Cabinet today gave go-ahead to FDI cap hike in insurance to 49% with a rider that management control will remain in the hands of Indian promoters, thus paving way for inflow of as much as Rs 25,000 crore foreign funds in the sector. All investment proposals beyond 26% will have to be approved by the FIPB and Indian promoters will continue to have the control of the management. After the Bill is passed by Parliament the same norms for foreign investment will apply to the pension sector as well.

(Economic Times)