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Cabinet approves infusion of Rs 2500 cr for 3 public sector General Insurance Companies
National

Cabinet approves infusion of Rs 2500 cr for 3 public sector General Insurance Companies

Agency News

New Delhi, Feb 12 : The Union Cabinet on Wednesday gave its in principle approval for capital infusion of Rs 2500 crore for three Public Sector General Insurance Companies in view of their critical financial position and breach of regulatory solvency requirements.

Briefing reporters here after the Cabinet meeting, chaired by Prime Minister Narendra Modi, Union Minister Prakash Javadekar said the Cabinet has allowed immediate release of Rs 2500 crore in the light of the critical financial position and breach of regulatory solvency requirements of three PSGICs -- Oriental Insurance Company Limited (OICL), National Insurance Company Limited (NICL) and United India Insurance Company Limited (UIICL). (UNI)