A parliamentary panel has said that the government’s decision to allow 49% foreign investment in insurance companies is not recommended.

The panel, which was headed by on finance headed by Yashwant Sinha, the former finance minister of India. The panel report comes after the government had to back down from its decision to allow FDI in retail sector in the country due to political opposition in the country.

According to the reports, the repot is with the Speaker of the Lok Sabha and have not been formally presented to Parliament yet. Another report also criticized the government’s plans to reject a legislation intended to provide legal backing to the National Identification Authority of India.

A third report said accepted a government’s proposal to increase the voting rights of private investors in banks. The Banking Laws (Amendment) Bill proposes a 10% cap on voting rights for investors in private sector banks and also make it proportionate to the shareholding. However, the standing committee also proposed instead to cap shareholding at 26%.

The three repots re not obligatory for the government to accept but will be debated in the parliament.