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The Dollar Business Bureau The Ministry of Commerce and Industry on Tuesday notified 100% FDI in 'other financial services' carried out by non-banking finance companies (NBFCs). This move will help in attracting foreign investment into the country. “The government has liberalised its FDI policy in Other Financial Services and non-banking finance companies (NBFCs), the Department of Industrial Policy & Promotion (DIPP) said in a release. Other financial services will consist of activities which are under the regulation of any financial sector regulator such as RBI, IRDA, SEBI, National Housing Bank, Pension Fund Regulatory and Development Authority, or any other regulator in the financial sector as may be notified in this regard by the government, the release said.  However, these types of foreign investment would be subject to some conditionalities, ...

The Dollar Business Bureau Comptroller and Auditor General of India (CAG) Shashi Kant Sharma said on Friday that there is a need to consider the audit of financial regulators such as the Reserve Bank of India (RBI). “In India, CAG does not audit the RBI, whose auditors are appointed by Central Government under the provisions of the RBI Act; CAG conducts audit of other financial sector regulators like SEBI, IRDA and PFRDA but does not conduct performance audits”, said Sharma at an ASSOCHAM event in New Delhi.  “In the wake of growing cases of financial frauds, this is a thought to consider as to whether, in coming times, our audit should take into account the vulnerabilities and risks India’s ...