Select Page

Finance ministry to infuse Rs 3,000cr normally insurance coverage corporations this quarter – Instances of India


NEW DELHI: The Finance Ministry will infuse Rs 3,000 crore capital into state-owned basic insurance coverage corporations through the present quarter in a bid to enhance their monetary well being.
Final yr, the Union Cupboard headed by Prime Minister Narendra Modi cleared proposal to offer capital help to Nationwide Insurance coverage, Oriental Insurance coverage and United India Insurance coverage.
The cupboard had additionally determined to extend the authorised share capital of Nationwide Insurance coverage Firm Restricted (NICL) to Rs 7,500 crore and that of United India Insurance coverage Firm Restricted (UIICL) and Oriental Insurance coverage Firm Restricted (OICL) to Rs 5,000 crore every to provide impact to the capital infusion choice.
Not too long ago, the federal government sought Parliament nod for gross further expenditure of Rs 6.28 lakh crore for 2020-21 as a part of second and remaining batch of supplementary calls for for grants.
This included Rs 3,000 crore for offering further funds in direction of recapitalisation of insurance coverage corporations.
The infusion can be executed after the supplementary calls for for grants is handed by Parliament which is able to reconvene on March 8.
The capital infusion will allow the three public sector basic insurance coverage corporations to enhance their monetary and solvency place, meet the insurance coverage wants of the financial system, take in modifications and improve the capability to lift assets and enhance threat administration.
Finance minister Nirmala Sitharaman within the Price range introduced privatization of two public sector banks and one basic insurance coverage firm in 2021-22 starting April.
In 2017, state-owned corporations New India Assurance Firm and Normal Insurance coverage Company of India went public.



Source link

Leave a Reply

Weather

New Delhi
22°
Haze
06:5118:17 IST
Feels like: 22°C
Wind: 2km/h NW
Humidity: 56%
Pressure: 1010.16mbar
UV index: 0
ThuFriSatSunMon
32/16°C
33/18°C
32/18°C
30/16°C
30/15°C

Stock Update

  • Loading stock data...

Covid-19

Live COVID-19 statistics for
World
Confirmed
0
Recovered
0
Deaths
0
Last updated: 2 minutes ago

Subscribe Newsproplus.com

Enter your email address to receive notifications of new update by email.