Government Approves Recapitalisation Of Three Of Its General Insurance Companies
The Union Cabinet on Wednesday approved capital infusion of Rs 12,450 crore in three government general insurance companies to strengthen their capital base and make them more stable.
National Insurance Co. Ltd., Oriental Insurance Co. Ltd. and United Insurance Co. Ltd. will get the additional capital, Union Information and Broadcasting Minister Prakash Javadekar said while announcing the cabinet decisions that were taken today.
"The cabinet approves capital infusion of Rs 12,450 crore for three public sector general insurance companies...including Rs 2,500 crore infused in FY20," an official spokesperson said in a tweet.
The recapitalisation will make the three govenrment insurance companies more stable, Javadekar said.