The Insurance Regulatory and Development Authority (IRDA) is likely to meet by June-end and may consider crucial proposals for granting business approvals, sources privy to the developments told CNBC-TV18.

A series of crucial business proposals are lined up for the insurance regulator’s upcoming board meeting, which is scheduled to happen in the last week of June.

Among the contenders, the most important one is SORIL Holdings and Ventures.

SORIL Holdings and Ventures is a listed subsidiary of Indiabulls Group.

Sources told CNBC-TV18 that IRDA is likely to grant R2 or the second level approval to SORIL Holdings for its life and general insurance business.

Digital payments major, Paytm, may also file papers for R1 or primary approval for life and general insurance business before the meet.