Chidambaram meeting key regulators, institutional investors in Mumbai
Finance Minister P. Chidambaram is presently in Mumbai where he is meeting key regulators and institutional investors.
According to reports, Chidambaram will be meeting Reserve Bank of India (RBI) Governor Duvvuri Subbarao and the Deputy Governors at RBI headquarters.
He will also meet Securities and Exchange Board of India (Sebi) chairman U.K. Sinha at the regulator's headquarters here.
The Finance Minister, who is accompanied by top officials of the Finance Ministry during his visit to the financial capital, is also expected to chair a meeting of the Sebi board.
The meeting assumes significance in the backdrop of a series of big-ticket reforms announced by the Congress-led UPA Government to revive the Indian economy.
The Central Government came up with its second wave of big bang reforms earlier on Thursday, as the Cabinet cleared the introduction of foreign direct investment (FDI) in pension and increase in the FDI cap in insurance.
Chidambaram, who addressed a press conference in New Delhi earlier on Thursday over the measures, said that the cap on the FDI in pension would be linked to that in insurance.
The Finance Minister while explaining the decision taken by the government said that private companies would benefit from the amendments in the insurance bill, as they were not applicable on the public sector players.