Government approves ₹12,450-crore capital infusion in three State-run general insurers

The Union Cabinet on Wednesday approved capital infusion of ₹12,450 crore in three State-owned general insurance companies to strengthen their capital base and make them more stable.

The National Insurance Company, Oriental Insurance Company and United Insurance Company will get the additional capital, Information and Broadcasting Minister Prakash Javadekar told reporters after the Cabinet meeting.

“Cabinet approves capital infusion of ₹12,450 crore for three public sector general insurance companies – Oriental Insurance Company Limited, National Insurance Company Limited and United India Insurance Company Limited (including ₹2,500 crore infused in FY2019-20), an official spokesperson said in a tweet.

The recapitalisation will make the three State-owned general insurance companies more stable, the Minister said.

Source: The Hindu

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