List of PSUs Accepting Insurance Surety Bonds in India: A Verified Guide for Contractors
Updated: Aug 13
TL;DR
Over 300 central government entities are now mandated to accept insurance surety bonds following the September 2024 Department of Financial Services directive. The named PSU list below is the documented floor, not the ceiling.
NHAI is the reference case: According to an official government statement reported by Outlook Business, Rs. 10,369 crore in insurance surety bonds had been processed as of July 2025, across approximately 1,600 bid security bonds and 207 performance security bonds, issued by 12 insurance companies.
Beyond NHAI, formal acceptance is documented at SECI, NTPC, SJVN, NHPC, GAIL, IOCL, RVNL, BSNL, AAI, and CPWD. Every entry in this article carries its source.
If your tender's Standard Bidding Document has not been updated to reflect surety bond acceptance, that is a documentation gap, not a legal one. This article tells you what to do about it.
Over 300 central government entities are now mandated to accept insurance surety bonds. The named, documented set includes NHAI, SECI, NTPC, GAIL, SJVN, NHPC, IOCL, RVNL, BSNL, AAI, and CPWD. This article covers both the named list and the mandate that extends beyond it.
The gap between what has changed at the regulatory level and what contractors believe is still possible is where most of the missed opportunity sits. The September 2024 DFS directive converted policy permission into policy obligation. The IRDAI Master Circular of June 2024 extended acceptance beyond government infrastructure to all commercial contracts. Understanding both is what gives a contractor accurate standing when they walk into a tender.
The Regulatory Mandate in Brief
Four regulatory steps built the current acceptance framework. A contractor who knows this chain does not need to rely on whether their specific PSU's SBD has been updated.
Year | Development | What It Changed |
January 2022 | IRDAI Surety Insurance Contracts Guidelines | Authorised general insurers in India to underwrite surety bonds for the first time. Without this, no domestic insurer could legally issue one. |
February 2022 | Ministry of Finance amendment to GFR 2017 | Placed insurance surety bonds on equal legal footing with bank guarantees across all government procurement. GFR Rule 170(i) covers EMD; GFR Rule 171(i) covers performance security. |
June 2024 | IRDAI Master Circular | Extended surety bond scope to all commercial contracts, not just government infrastructure. |
September 2024 | Department of Financial Services directive | Instructed all government departments and PSUs to accept insurance surety bonds as equivalent to bank guarantees. This step converted policy permission into policy obligation. |
A central government department that refuses a valid, IRDAI-compliant surety bond from a licensed insurer is acting contrary to a Ministry of Finance instruction. That is the legal ground a contractor stands on.
Which PSUs Accept Insurance Surety Bonds in India: The Verified List
The entries below are organised by sector. Every entity carries a source because the usefulness of a PSU acceptance list depends entirely on what it is based on.
No. | Beneficiary / Organisation |
Newly Added — August 2026 | |
1 | Ahilyanagar Municipal Corporation |
2 | Akola Municipal Corporation |
3 | Amravati Municipal Corporation |
4 | Andhra Pradesh Power Generation Corporation |
5 | Bangalore Water Supply and Sewerage Board |
6 | Centre for Development of Advanced Computing (C-DAC) |
7 | Chennai Port Authority |
8 | Department for Promotion of Industry and Internal Trade (DPIIT) |
9 | Department of Military Affairs |
10 | Eastern Railway |
11 | GAIL (India) Limited |
12 | India Post Payments Bank |
13 | Indian Bank |
14 | Kerala Grameen Bank |
15 | Maharashtra State Electricity Distribution Co. Ltd |
16 | Ministry of Home Affairs |
17 | Mumbai Port Authority |
18 | National Highways Authority of India (NHAI) |
19 | New Mangalore Port Trust |
20 | North Eastern Railway |
21 | Punjab and Sind Bank |
22 | Syama Prasad Mookerjee Port |
23 | Utkrrisht Solar Energy Private Limited |
Central Government & Central PSUs | |
24 | AAI Cargo Logistics and Allied Services Company Limited |
25 | Additional Chief Engineer |
26 | Advanced Weapons And Equipment India |
27 | Airports Authority Of India |
28 | Talcher Fertilizers Limited |
29 | All India Institute Of Medical Sciences |
30 | Balmer Lawrie And Co Limited |
31 | Bank Of Baroda |
32 | BESS — Battery Energy Storage Systems |
33 | Bhabha Atomic Research Centre |
34 | Bharat Broadband Network |
35 | Bharat Coal Gasification and Chemical Ltd |
36 | Bharat Electronics Limited |
37 | Bharat Heavy Electricals Limited |
38 | Bharat Petroleum Corporation Limited |
39 | Bharat Sanchar Nigam Limited |
40 | Border Roads Organisation |
41 | Brahmaputra Cracker And Polymer Limited |
42 | BrahMos Aerospace Private Limited |
43 | Bridge And Roof Company India Limited |
44 | Broadcast Engineering Consultants |
45 | Canara Bank |
46 | Central Electronics Limited |
47 | Central Public Works Department |
48 | Central Railway |
49 | Centre For Railway Information Systems |
50 | Chennai Petroleum Corporation Limited |
51 | Coal India Limited |
52 | Cochin Port Trust |
53 | Cochin Shipyard Ltd |
54 | Container Corporation Of India Limited |
55 | Convergence Energy Services Limited |
56 | Damodar Valley Corporation |
57 | Dedicated Freight Corridor Corporation Of India Limited |
58 | Deendayal Port Authority |
59 | Delhi Development Authority |
60 | Delhi Metro Rail Corporation Limited |
61 | Delhi Transco Limited |
62 | The Department of Agriculture and Farmers Welfare (DA&FW) |
63 | Department of Atomic Energy |
64 | Department Of Defence Production |
65 | DRDO - Defence Research and Development Organisation |
66 | Dredging Corporation Of India Limited |
67 | East Central Railway |
68 | East Coast Railway |
69 | Energy Efficiency Services Limited |
70 | Engineering Projects India Limited |
71 | Engineers India Limited |
72 | FAGMIL |
73 | Food Corporation Of India |
74 | GAIL Mangalore Petrochemicals Ltd |
75 | Gas Authority Of India Limited |
76 | Goa Shipyard Limited |
77 | Government of NCT |
78 | Hindu College University of Delhi |
79 | Hindustan Aeronautics Limited |
80 | Hindustan Petroleum Corporation Limited |
81 | HLL Infra Tech Services |
82 | HSCC India Ltd |
83 | HPCL Renewable & Green Energy Limited |
84 | Indian Air Force |
85 | Indian Council of Agricultural Research |
86 | Indian Institute Of Management |
87 | Indian Institute of Technology |
88 | Indian Oil Corporation Limited |
89 | Indian Railway |
90 | Indian Railway Catering And Tourism Corporation Limited |
91 | Indian Rare Earths Limited |
92 | Indian Renewable Energy Development Agency Limited |
93 | Indo Tibetan Border Police Force |
94 | INHS Asvini |
95 | Integral Coach Factory |
96 | Ircon International Limited |
97 | IREL (India) |
98 | ITI Limited |
99 | Jawaharlal Nehru Port Trust |
100 | Kolkata Port Trust |
101 | Konkan LNG Limited |
102 | Konkan Railway Corporation Limited |
103 | Telecommunications Consultants India Limited |
104 | Mangalore Refinery And Petrochemicals Limited |
105 | Mazagon Dock Shipbuilders Limited |
106 | Mecon Limited |
107 | Meja Urja Nigam Private Limited |
108 | Military Engineer Services |
109 | Ministry of Defence |
110 | Ministry Of Environment And Forests and Climate Change |
111 | Ministry Of Micro Small And Medium Enterprises |
112 | Ministry Of Petroleum And Natural Gas |
113 | Ministry Of Railways |
114 | Ministry Of Road Transport And Highways |
115 | Mishra Dhatu Nigam Limited |
116 | Munitions India Limited |
117 | National Agricultural Cooperative Marketing Federation Of India Limited |
118 | National Buildings Construction Corporation Limited |
119 | National Highways and Infrastructure Development Corporation Limited |
120 | National Highways Logistics Management |
121 | National Hydroelectric Power Corporation Limited |
122 | National Industrial Corridor Development Corporation |
123 | National Mineral Development Corporation Limited |
124 | National Projects Construction Corporation Limited |
125 | National Sample Survey Office (MoSPI) |
126 | National Thermal Power Corporation Limited |
127 | New Delhi Municipal Council |
128 | New Mangalore Port Authority |
129 | Neyveli Lignite Corporation Limited |
130 | The NICDC Punjab Industrial Corridor Development Corporation |
131 | NICDC Uttarakhand Industrial Township |
132 | NLC India Renewables Limited |
133 | NLC TamilNadu Power Limited |
134 | North Central Railway |
135 | North Eastern Electric Power Corporation Limited |
136 | North Western Railway |
137 | Northeast Frontier Railway |
138 | Northern Railway |
139 | NTPC Green Energy |
140 | NTPC Mining Limited |
141 | NTPC Renewable Energy Limited |
142 | NTPC SAIL Power Company Limited |
143 | NTPC Vidyut Vyapar Nigam Limited |
144 | Nuclear Power Corporation Of India Limited |
145 | Numaligarh Refinery Limited |
146 | The Office of the Registrar General and Census Commissioner |
147 | Oil and Natural Gas Corporation |
148 | Oil India Limited |
149 | PFC Consulting Limited |
150 | Power Grid Corporation of India Limited |
151 | Prasar Bharati |
152 | PTC India Limited |
153 | Punjab National Bank |
154 | Rail India Technical And Economic Services Ltd |
155 | Rail Infrastructure Development Company Limited |
156 | Rail Vikas Nigam Limited |
157 | Railtel Corporation Of India Limited |
158 | Rashtriya Ispat Nigam Limited |
159 | REC Power Development and Consultancy |
160 | RITES Limited |
161 | SJVN Green Energy Limited |
162 | Solar Energy Corporation of India |
163 | South Central Railway |
164 | South Eastern Central Railway |
165 | South Eastern Railway |
166 | South Western Railway |
167 | Southern Railway |
168 | State Bank Of India |
169 | Union Bank Of India |
170 | Unique Identification Authority Of India |
171 | V O Chidambaranar Port Trust |
172 | Vishakhapatnam Port Authority |
173 | Wapcos Limited |
174 | West Central Railway |
175 | Western Railway |
State Government & State PSUs | |
Andhra Pradesh | |
176 | APGENCO |
177 | Amaravati Development Corporation |
178 | Andhra Pradesh Central Power Distribution Company |
179 | Andhra Pradesh State Housing / Infrastructure Department |
180 | Andhra Pradesh State Warehousing Corporation |
181 | Andhra Pradesh Technology Services Limited |
182 | Eastern Power Distribution Company of Andhra Pradesh |
183 | New And Renewable Energy Development Corporation Of Andhra Pradesh Limited |
184 | Southern Power Distribution Company of Andhra Pradesh Limited |
185 | Superintending Engineer, Public Health Circle, Nellore |
186 | Transmission Corporation of Andhra Pradesh |
Assam | |
187 | Assam Power Distribution Company Limited |
Bihar | |
188 | Bihar Urban Infrastructure Development Corporation Limited |
Chhattisgarh | |
189 | Chhattisgarh Medical Services Corporation Ltd |
190 | Chhattisgarh State Marketing Corporation Limited |
Gujarat | |
191 | Ahmedabad Municipal Corporation |
192 | Gujarat Chemical Port |
Haryana | |
193 | Haryana State Cooperative Supply And Marketing Federation Ltd |
Karnataka | |
194 | Bangalore Metro Rail Corporation Limited |
195 | Bengaluru Development Authority |
196 | Gulbarga Electricity Supply Company Limited |
197 | Hubli Electricity Supply Company |
198 | Karnataka Building and Other Construction Workers Welfare Board |
199 | Karnataka Industrial Areas Development Board |
200 | Karnataka Power Transmission Corporation Limited |
Madhya Pradesh | |
201 | M. P. Madhya Kshetra Vidyut Vitaran Co. Ltd |
202 | Rewa Ultra Mega Solar Limited |
Maharashtra | |
203 | Brihan Mumbai Electric Supply And Transport Undertaking |
204 | MHADA |
205 | Maharashtra Housing And Area Development Authority |
206 | Maharashtra Maritime Board |
207 | Maharashtra State Power Generation Co. Ltd. |
208 | Maharashtra State Road Transport Corporation |
209 | Mumbai Metropolitan Region Development Authority |
210 | Nashik Municipal Corporation |
Manipur | |
211 | Manipur State Rural Roads Development Agency |
Meghalaya | |
212 | Meghalaya Infrastructure Development Finance Corporation Ltd |
Odisha | |
213 | Grid Corporation of Odisha Ltd |
214 | ODISHA POWER GENERATION CORPORATION LIMITED |
215 | Orissa Bridge And Construction Corporation Limited |
216 | Orissa Power Generation Corporation Limited |
217 | Orissa Power Transmission Corporation Limited |
Rajasthan | |
218 | Ajmer Vidyut Vitran Nigam Limited |
219 | Govt of Rajasthan |
220 | Indira Gandhi Nahar Project |
221 | Jaipur Vidyut Vitran Nigam Limited |
222 | Rajasthan Electronics and Instruments Limited |
223 | Rajasthan Rajya Vidyut Utpadan Nigam Limited |
224 | Rajasthan Renewable Energy Corporation Limited |
225 | Rajasthan Solarpark Development Company Limited |
226 | Rajasthan State Health Society |
227 | Rajasthan State Mines And Minerals Limited |
Tamil Nadu | |
228 | Tamil Nadu Water Supply And Drainage Board |
Telangana | |
229 | Roads and Buildings Department, Government of Telangana |
230 | Singareni Collieries Company Limited |
231 | Telangana Power Generation Corporation Limited |
Uttar Pradesh | |
232 | Uttar Pradesh Jal Nigam |
233 | Uttar Pradesh New And Renewable Energy Development Agency |
234 | Uttar Pradesh State Bridge Corporation Limited |
West Bengal | |
235 | Bengal Gas Company Limited |
236 | Hooghly River Bridge Commissioners |
237 | Kolkata Metropolitan Development Authority |
Various States | |
238 | Municipal Corporation |
239 | Narmada Water Resources |
240 | Public Health Engineering Department |
241 | Public Works Department |
242 | Water Resources Department |
Roads and Highways
NHAI (National Highways Authority of India) is the reference case for surety bond acceptance in India. The first insurance surety bond was formally accepted here on December 19, 2022. According to an official government statement reported by Outlook Business, 12 insurance companies had collectively issued approximately 1,600 bid security bonds and 207 performance security bonds for NHAI contracts by July 2025, with total value reaching Rs. 10,369 crore. The ratio, approximately 1,393 bid bonds versus 207 performance bonds, is a practical signal: bid bond acceptance is established; performance bond acceptance is the faster-growing category but is not yet at the same scale.
MoRTH (Ministry of Road Transport and Highways) is listed alongside NHAI in adoption data as an entity where surety bonds are in active use. Source: BimaBro, Business Standard, February 2025.
Power Sector
NTPC Limited, SJVN (Satluj Jal Vidyut Nigam), and NHPC have all incorporated insurance surety bonds into their tendering processes for both bid security and performance security. According to Indian Infrastructure, May 2025, all three entities have updated their procurement documentation accordingly.
Renewable Energy
SECI (Solar Energy Corporation of India) carries the strongest documented adoption outside NHAI. Formal insurance surety bond formats are published in its standard tender annexures, Format 16 for bid security bonds and Format 27 for performance security bonds. Both are publicly available on seci.co.in and have been verified in active 2024 to 2025 tender documents. SECI's published formats serve as ready-reference language for any department looking to update its own SBD. Source: SECI tender annexures, verified directly.
Oil and Gas
GAIL (India) Limited and IOCL (Indian Oil Corporation Limited) have incorporated insurance surety bonds into their tendering processes for both bid security and performance security. Source: Indian Infrastructure, May 2025; BimaBro, Business Standard, February 2025.
Railways
RVNL (Rail Vikas Nigam Limited) has incorporated insurance surety bonds into its tendering processes. Source: Indian Infrastructure, May 2025.
Telecom
BSNL (Bharat Sanchar Nigam Limited) has incorporated insurance surety bonds into its tendering processes. Source: BimaBro, Business Standard, February 2025.
Aviation
AAI (Airports Authority of India) lists insurance surety bonds as a co-equal instrument alongside bank guarantees for EMD submission in active tender documents. This has been verified across multiple AAI tenders from 2024 to 2025, including tenders at Chennai Airport, Kolkata Airport, and Surat International Airport, where the language explicitly states that EMD may be submitted in the form of an insurance surety bond or bank guarantee from a scheduled commercial bank. Source: AAI tender documents 2024 to 2025, verified directly from aai.aero.
Civil Construction and General Government Procurement
CPWD (Central Public Works Department) lists insurance surety bonds alongside bank guarantees as accepted instruments for EMD in active tenders, including the Parliament House Annexe maintenance tender 2024 to 2025. Source: CPWD tender 45/EE(E)/PAEWD/2024-25/II, verified via TenderShark.
GeM (Government e-Marketplace) accepts insurance surety bonds as bid security across eligible procurement categories. For MSME contractors whose primary bidding channel is GeM, this is the most operationally significant entry on this list. Separately, Udyam-registered MSMEs can claim an EMD exemption under GFR Rule 170 for central government tenders, but that exemption applies only at the bid stage. Surety bonds remain the capital-preserving instrument for performance security, advance payment bonds, and retention money bonds across subsequent contract stages. The two are not mutually exclusive: a contractor can use the EMD exemption at bid stage and a surety bond for performance security after award. Source: axiTrust research, November 2025; GFR 2022 framework.
FCI (Food Corporation of India) and AIIMS (All India Institute of Medical Sciences) are also listed in documented adoption data. Source: BimaBro, Business Standard, February 2025.
According to axiTrust's research, 120 or more government entities are now accepting insurance surety bonds based on PIB-published data. The September 2024 DFS directive extends the legal obligation to all central government departments. The entities above are the named, documented set. The mandate covers considerably more.
Have a specific PSU tender in your pipeline? Consult with the axiTrust team to verify bond acceptance for your tender, confirm which bond type applies at each contract stage, and get your application ready before the deadline.
Which Bond Type Applies at Which Stage of a Government Contract
Surety bond acceptance is not a single switch. Different bond types apply at different stages of a contract, and the pace of SBD updates across PSUs has not been uniform across all four categories.
Contract Stage | Bond Type | Replaces | Regulatory Basis |
Bid submission | Bid Security Bond | Earnest Money Deposit | GFR Rule 170(i) |
Contract award | Performance Security Bond | Performance Bank Guarantee | GFR Rule 171(i) |
Advance mobilisation | Advance Payment Bond | Advance Payment Bank Guarantee | IRDAI Guidelines 2022 |
Post-completion | Retention Money Bond | Retention Money Bank Guarantee | IRDAI Guidelines 2022 |
Bid security bonds scaled first. Based on the official government statement reported by Outlook Business, approximately 1,393 bid bonds were issued against 207 performance bonds out of the 1,600-plus total as of July 2025. Performance bonds are the fastest-growing category. Advance payment and retention money bonds are available but not yet uniformly reflected across all PSU tender documents.
Acceptance of a bid bond at a given department does not automatically mean the same SBD has been updated for performance security. Verify each bond category against the specific tender document rather than assuming uniform acceptance across all stages.
For a detailed reference on what each bond type covers and how they interact across the contract lifecycle, see axiTrust's guide to types of insurance surety bonds in India.
How to Verify Whether Your Specific Tender Accepts a Surety Bond
The DFS directive establishes the obligation at the framework level. Individual Standard Bidding Documents are updated at different speeds. The approach a contractor takes depends on what the document currently says.
If the SBD already includes "insurance surety bond" or "ISB" language in the security deposit or EMD clauses, submit the bond as specified. No additional steps are needed.
If the SBD does not include the language but the entity is a central government department or PSU operating under GFR 2022, the contractor is not without standing. Submit a written representation alongside the bond. The representation should include the following, in this order:
Cite the GFR 2022 amendment: Ministry of Finance, Department of Expenditure, Office Memorandum No. F.1/1/2022-PPD dated 2 February 2022, which places insurance surety bonds on equal legal footing with bank guarantees across all government procurement.
Cite the DFS September 2024 circular, which instructs all government departments and PSUs to accept insurance surety bonds as equivalent to bank guarantees.
Include the IRDAI licence details of the issuing insurer and confirm the bond is compliant with IRDAI Surety Insurance Contracts Guidelines 2022.
Most field-level objections at central government departments resolve on this basis. The rejection is typically a knowledge gap, not a policy one.
If the entity is a state PSU, state government department, or municipal body, the GFR and DFS frameworks do not automatically apply. State procurement rules are separate. Some states have adopted surety bond language in their own procurement rules; many have not yet done so. Verify the specific state SBD and do not assume that central government acceptance extends to state-level procurement.
Consult the axiTrust team to verify acceptance for a specific tender in your pipeline before the deadline.
For Procurement Officers: What the Mandate Means for Your Department
Three practical questions every procurement officer needs answered before processing a surety bond submission.
Question | Answer |
Are you required to accept surety bonds? | Yes, for all central government departments and PSUs under GFR 2022. The September 2024 DFS directive removes departmental discretion. A bond-ready SBD is a documentation step, not a precondition for acceptance. |
How do you verify a submitted bond? | Check the insurer's name, IRDAI licence number, bond number, beneficiary details, bond value, and validity period. As of 2025, 10 of India's 30 general insurers are active surety underwriters. Digital verification through axiTrust's platform provides an auditable trail. |
What does claim invocation look like? | The insurer assesses claim validity before paying, unlike a bank guarantee which pays on compliant written demand. Legitimate invocations from the Indian surety market since 2022 have been honoured. |
A note on IBC creditor status
Early Indian case law is treating surety bond insurers as operational creditors rather than financial creditors under the Insolvency and Bankruptcy Code, a different legal standing from banks in insolvency proceedings. This jurisprudence is still developing. For procurement involving contractors with complex insolvency exposures, independent legal advice on this point is worth obtaining before proceeding.
Why the Capital Unlock Matters at the Contract Level
According to axiTrust's research on insurance surety bonds for MSMEs, replacing eligible bank guarantees with insurance surety bonds across the MSME sector could unlock approximately Rs. 1.13 lakh crore in MSME liquidity, with an estimated 0.9% uplift to India's GDP. The mechanism behind that number is straightforward to translate at the contract level.
On a Rs. 5 crore government contract with a 10% performance security requirement, a contractor furnishing a bank guarantee typically blocks Rs. 50 lakh in a fixed deposit or cash margin before mobilisation begins, capital that sits idle for the duration of the contract. A surety bond replaces that with an insurance premium in the range of Rs. 3 to 5 lakh, depending on the contractor's risk profile and the insurer's assessment. The Rs. 45-plus lakh difference stays in the business, available for working capital, equipment procurement, or participate on the next tender.
That arithmetic multiplied across every eligible contract stage, bid security, performance security, advance payment, retention, is what makes PSU acceptance infrastructure consequential beyond the single tender in front of you. Every SBD that gets updated, every department that operationalises what the DFS directive already requires, makes more of that capital accessible to the contractors who need it most.
For a detailed comparison of how surety bonds and bank guarantees differ on cost and capital impact across contract stages, see axiTrust's instrument comparison guide.
References
Ministry of Road Transport and Highways / IANS. Surety Bonds Issued by Insurers for NHAI Contracts Cross Rs. 10,000 Crore Mark. Outlook Business, September 11, 2025. https://www.outlookbusiness.com/news/surety-bonds-issued-by-insurers-for-nhai-contracts-cross-10000-crore-mark
Indian Infrastructure. Small Steps, Big Benefits: Wider Adoption of Surety Bonds to Expedite Infrastructure Development. May 6, 2025. https://indianinfrastructure.com/2025/05/06/small-steps-big-benefits-wider-adoption-of-surety-bonds-to-expedite-infrastructure-development/
BimaBro / ANI / Business Standard. Budget 2025 Catapults Surety Bonds to New Heights. February 11, 2025. https://www.business-standard.com/content/press-releases-ani/budget-2025-catapults-surety-bonds-to-new-heights-simplify-it-with-bimabro-125021101021_1.html
Ministry of Finance, Department of Expenditure. Amendment to General Financial Rules 2017 to Include Insurance Surety Bonds as Security Instrument. Office Memorandum No. F.1/1/2022-PPD, dated 2 February 2022. https://doe.gov.in/files/procurement-policy-division/Amendment_to_General_Financial_Rules_2017.pdf
IRDAI. Surety Insurance Contracts Guidelines, 2022. Ref. No. IRDAI/NL/GDL/SIC/01/01/2022, dated 3 January 2022, effective 1 April 2022. https://irdai.gov.in/documents/37343/366029/IRDAI+(Surety+Insurance+Contracts)+Guidelines+20220103_signed.pdf/3cc74752-2c32-c008-c7a1-303874c2e497
axiTrust. Building Trust for an Atmanirbhar Bharat: Insurance Surety Bonds for MSMEs. White Paper, November 2025. https://www.axitrust.com/report-msme-sureties-for-atmanirbhar-bharat
