Govt set to introduce Bill to hike FDI in insurance sector to 100 pc in Parliament
New Delhi (PTI): The government is planning to introduce a Bill in Parliament this week to raise FDI in the insurance sector to 100 per cent, with a view to providing insurance to all by 2047.
The Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, seeks to amend the Insurance Act, 1938, the Life Insurance Corporation Act, 1956, and the Insurance Regulatory and Development Authority Act, 1999, according to the Bill circulated to members of Parliament ahead of its introduction in Parliament.
The amendment will raise the Foreign Direct Investment limit in the insurance sector from 74 per cent to 100 per cent, it said.
Despite the Bill to hike FDI in the insurance sector to 100 per cent, one of the top officials — Chairman, Managing Director, or CEO — must be an Indian citizen.
It also paves the way for the merger of a non-insurance company with an insurance company.
The Bill received the Union Cabinet's nod on Friday, paving the way for its introduction in Parliament.
The Bill further aims to accelerate the growth and development of the insurance sector and to ensure better protection of policyholders, as per the statement of objects and reasons.
The Bill provides for the establishment of the Policyholders' Education and Protection Fund to protect policyholders' interests.
It would also improve the ease of doing business for insurance companies, intermediaries, and other stakeholders, bring transparency to regulation-making, and enhance regulatory oversight over the sector, it said.
With regard to the term of office of the Chairperson and other whole-time members, the Bill provides for a five-year term or until they attain the age of 65 years, whichever is earlier, it said.
At present, the upper age limit for whole-time members is 62 years, while for the Chairman it is 65 years.
Finance Minister Nirmala Sitharaman, in this year's Budget speech, proposed to raise the foreign investment limit to 100 per cent from the existing 74 per cent in the insurance sector as part of new-generation financial sector reforms.
So far, the insurance sector has attracted Rs 82,000 crore through foreign direct investment (FDI).
The amendments to the LIC Act propose empowering its board to take operational decisions, such as branch expansion and recruitment.
The proposed amendment primarily focuses on promoting policyholders' interests, enhancing their financial security, and facilitating the entry of additional players into the insurance market, thereby driving economic growth and employment generation.
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TraceX Guard Strengthens National Safety Against Mobile Cyber Threats
India is witnessing a sharp rise in trojanised Android APK scams, as cybercriminals increasingly exploit fake government, banking, LPG, challan, and welfare scheme apps to seize full remote control of victims’ smartphones.
Cybersecurity investigators warn that attackers are now widely deploying Remote Access Trojan (RAT) malware, often powered by leaked builder kits such as CraxsRAT and heavily modified custom payload frameworks. Once installed, these malicious APKs can convert an ordinary Android phone into a fully controlled fraud device, enabling silent surveillance, banking theft, and mass scam propagation.
These malware campaigns are primarily being distributed through WhatsApp, Telegram, SMS phishing links, and fake APK download websites, where users are tricked into installing apps disguised as:
- e-Challan apps
- SBI KYC verification tools
- PM Yojana portals
- mParivahan clones
- LPG booking apps
- fake adult video call apps
As the scale of the threat intensifies, cybersecurity startup TraceX Labs has introduced TraceX Guard, positioning it as a frontline mobile defence platform against APK fraud, RAT infections, QR scams, and malicious permission abuse.
Fear-Based Social Engineering Behind the Surge
According to investigators, these frauds typically begin with panic-driven social engineering messages sent over WhatsApp or Telegram.
Common bait messages include:
- Your traffic challan has been issued
- Your SBI KYC is pending
- PM Yojana verification required
- Your LPG cylinder booking failed
- Your bank account will be blocked
These alerts often include fake challan numbers, vehicle details, Aadhaar-linked references, or forged bank notices, creating a sense of urgency that pushes victims to install the malicious APK without verification.
One of the most dangerous variants currently in circulation is a fake mParivahan-style application, which closely mimics India’s legitimate transport services interface while secretly embedding a hidden RAT payload.
How the Malware Takes Over Smartphones
Once installed, the malicious APK immediately requests dangerous permissions, including:
- Accessibility access
- SMS permissions
- Call logs
- Notifications
- File storage
- Battery optimization exemptions
Security researchers say Accessibility Service abuse remains the most critical attack vector, allowing the malware to silently:
- read screen contents
- detect banking and UPI apps
- auto-click Allow / Confirm / Pay buttons
- capture OTPs
- launch hidden overlays
- navigate banking sessions
- trigger silent fund transfers
Because these actions occur directly on the victim’s trusted device, attackers are often able to bypass traditional fraud detection systems.
Within minutes, victims may lose control over:
- bank balances
- UPI wallets
- Aadhaar and PAN scans
- contact lists
- personal photos and media
- incoming calls
- SMS OTPs
In many cases, the malware also self-propagates by forwarding malicious APK links through the victim’s own WhatsApp groups and Telegram chats, triggering a chain infection effect across trusted social circles.Fake RTO Challan APKs Become the Most Dangerous Variant
Among the most active campaigns, fake RTO challan APK scams have emerged as one of the most financially destructive.
Victims are first lured into paying a ₹1 “verification fee”, after which the malicious app requests highly sensitive information such as:
- card number
- expiry date
- CVV
- UPI PIN
- net banking credentials
- even ATM PINs
Cybersecurity experts stress that no legitimate government payment system ever asks for an ATM PIN inside an app, making this an immediate red flag.
Once payment details are entered, the embedded RAT intercepts OTPs and silently completes unauthorized transactions.
India’s Mobile Fraud Crisis Reaches Critical Levels
Investigators estimate that more than 70% of reported cyber fraud cases in India now originate from mobile devices, with millions of complaints linked to:
- malicious APKs
- phishing URLs
- QR scams
- RAT droppers
- banking session hijacks
- WhatsApp fraud chains
The impact is particularly severe across Tier-2 and Tier-3 regions, where smartphone adoption has expanded faster than awareness around:
- APK sideloading risks
- dangerous permissions
- fake banking overlays
- accessibility abuse
- WhatsApp APK scams
This has effectively turned Android smartphones into the primary battlefield of India’s financial cybercrime ecosystem.
TraceX Guard Introduced as a Real-Time Defence Layer
In response to this rapidly evolving threat landscape, TraceX Labs has launched TraceX Guard, an AI-powered multilingual Android security suite built specifically for India’s APK fraud ecosystem.
The platform offers:
- real-time APK scanning
- malicious permission detection
- hidden app discovery
- RAT behaviour monitoring
- QR & phishing URL safety grading
- OTP and SIM fraud alerts
- Wi-Fi hotspot verification
- ransomware defence
- India-specific scam intelligence feeds
- support for 10+ regional languages
Its offline-first AI architecture allows users to scan threats without uploading personal data, making it especially useful for privacy-conscious users and low-connectivity regions.
TraceX Labs says the system is specifically trained to detect patterns used in:
- fake challan scams
- counterfeit SBI APKs
- PM Yojana malware
- wedding invitation APK attacks
- honey-trap adult apps
- Telegram-based RAT droppers
From Phishing to Malware-Driven Financial Warfare
Cybersecurity analysts say this marks a major shift in India’s digital threat landscape.
What once began as simple phishing links has now evolved into malware-driven financial warfare at scale, where a single infected smartphone can silently compromise:
- families
- WhatsApp groups
- banking accounts
- local communities
- social trust networks
With losses from mobile-first fraud already running into tens of thousands of crores, experts believe the future of cyber defence will increasingly depend on preventive mobile security tools capable of stopping unsafe APKs before installation.
In that battle, TraceX Guard is emerging as one of the most important first lines of defence for India’s digital users.
Download Now : https://play.google.com/store/apps/details?id=com.tracexlabs.guard
