LIC pushes for offshore investing

The Indian insurance behemoth expects regulations to ease within 12 months.

India's financial regulators may relax restrictions on local institutions' investing assets offshore within the next 12 months, says RN Bhardwaj, managing director at Life Insurance Corporation of India LIC, which manages 340,000 crore Rs3.4 trillion, $75 billion.

Because of LIC's huge size, it has asked government officials to allow it to invest some of its assets overseas. Bhardwaj is confident the government will agree, noting that the Reserve Bank of India the central bank has recently allowed banks to place some call money in an offshore facility and for individuals to invest up to $25,000 abroad each year. The LIC has also made its request to the...

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