Giving fast clearance to foreign investment, the Foreign Investment Promotion Board approved 15 FDI proposals worth Rs 7,261 crores and recommended another proposal of Rs 6,885 crores to the CCEA for clearance.

“Proposals for Rs 14,146 crores cleared by FIPB in meeting held on 7th March. FDI inflow continues. Fast clearances make a difference,” economic affairs secretary Shaktikanta Das tweeted on Monday.

The FIPB, headed by the economic affairs secretary, is an inter-ministerial panel that can approve FDI proposals of upto Rs 5,000 crores.

Japanese insurer Nippon Life Insurance, Tata AIA and Aviva Life were among the 15 companies whose FDI proposals were approved by FIPB. Yes Bank’s proposal to hike foreign investment limit to 74 per cent from the existing 41.87 per cent without sub-limits has been referred to the Cabinet Committee on Economic Affairs. When cleared, it will lead to an inflow of Rs 6,885 crores.

Nippon Life’s proposal to hike its stake in Reliance Life Insurance from 26 per cent to 49 per cent for Rs 2,265 crores was approved.

Tata AIA Life Insurance’s move to increase AIA International’s stake from 26 per cent to 49 per cent for Rs 2,055 crores was also cleared.