FDI IN PENSION SECTOR APPROVED

In a move that would help bring much-needed marketing strength to India's burgeoning pension industry and diversify the product basket to enable its rapid growth, the government has decided to allow FDI in this sector and strengthen the sect oral regulator with statutory powers. To start with, FDI in pension fund management would be capped at 26%. However, by separating the issue from the principal legislation, the government has made it easier for it to raise the limit when needed.