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Public sector general insurance companies will get Rs 3000 crore by March …

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language | Updated: 14 Feb 2021, 06:07:00 PM

New Delhi, Feb 14 (Language) The Finance Ministry will provide capital of Rs 3000 crore to the public sector general insurance companies to improve their financial condition. The Union Cabinet last year approved the proposal to provide capital assistance to public insurance companies National Insurance, Oriental Insurance and United India Insurance. The Cabinet also approved the proposal to increase the authorized capital of National Insurance Company Limited to Rs 7500 crore. Along with this, the decision to increase the authorized capital of both United India Insurance Company Limited and Oriental Insurance Company Limited to Rs 5000-5000 crore.

New Delhi, Feb 14 (Language) The Finance Ministry will provide capital of Rs 3000 crore to the public sector general insurance companies to improve their financial condition. The Union Cabinet last year approved the proposal to provide capital assistance to public insurance companies National Insurance, Oriental Insurance and United India Insurance. The Cabinet also approved the proposal to increase the authorized capital of National Insurance Company Limited to Rs 7500 crore. Along with this, it was decided to increase the authorized capital of both United India Insurance Company Limited and Oriental Insurance Company Limited to Rs 5000-5000 crore. The government presented the second and final list of Demands for Grants for the gross additional expenditure of six lakh 28 thousand crores in the current financial year. Of this, 3000 crores is for recapitalization of these insurance companies. The companies will get this money after the Supplementary Demands for Grants were passed in the current session of Parliament. The session is scheduled to begin on March 8 after mid-holiday. The additional capital will improve the financial condition of these three nationalized general insurance companies. Their solvency will be strong and they will be able to meet the insurance needs in the economy well. Finance Minister Nirmala Sitharaman, while presenting the budget of 2021-22 earlier this month, has proposed privatization of two public banks and one insurance company during the next financial year.

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Source: navbharattimes.indiatimes.com