Cabinet approves Rs 12,450 crore capital infusion in three state-run common insurers


New Delhi, July 8

The Union Cabinet on Wednesday accredited capital infusion of Rs 12,450 crore in three state-owned common insurance coverage firms to strengthen their capital base and make them extra steady.

The National Insurance Company, Oriental Insurance Company and United Insurance Company will get the extra capital, Information and Broadcasting Minister Prakash Javadekar instructed reporters after the cupboard assembly.

 “Cabinet approves capital infusion of Rs 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 Rs 2,500 crore infused in FY2019-20),” an official spokesperson stated in a tweet.

The recapitalisation will make the three state-owned common insurance coverage firms extra steady, the minister stated. PTI



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