AIG, the world's biggest insurer, said today it expects to operate insurance, consumer finance, real estate development, aircraft leasing and asset management businesses within the country.

JP Morgan received regulatory approval to enter the mutual fund business in India, which has reportedly grown at a compound annual growth rate of more than 26% in the last five years. The company plans to file next week the offering for a diversified equity fund.

Also approved for operations was Mitsubishi UFJ Securities, the investment banking and brokerage arm of Japan's largest financial group.

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