Govt okays thought to infuse Rs 2,500 cr into 3 PSU generic insurers

Govt okays thought to infuse Rs 2,500 cr into 3 PSU generic insurers

The Union Cabinet on Wednesday gave an in-principle approval to pump in Rs 2,500-crore capital into three public zone normal insurance plan companies.

These three insurers are Oriental Insurance Company Limited (OICL), National Insurance Company Limited (NICL) and United India Insurance Company Limited (UIICL). The Cabinet has allowed “immediate launch of Rs 2,500 crore in the light of the essential monetary function and breach of regulatory solvency requirements” of these usual insurers”, an legit assertion said.

Briefing reporters here, Union Minister Prakash Javadekar stated the capital has been infused in the mild of the indispensable financial function and breach of regulatory solvency requirements of the time-honored insurers.’