insurance surety bonds India

The Ministry of Power (MoP) has directed all states, union territories, and power utilities to accept Insurance Surety Bonds (ISBs) as an alternative to bank guarantees for bid security and performance security. The directive takes effect from April 4, 2026. The instruction was issued through an Office Memorandum signed by Director Manish Mishra. It follows the February 2, 2022 amendment to the General Financial Rules (GFR), 2017 by the Ministry of Finance. The amendment to…