The Union Cupboard on Wednesday approved cash infusion of Rs twelve,450 crore in 3 state-owned common insurance policy companies to fortify their cash foundation and make them additional stable.
The National Insurance policy Organization, Oriental Insurance policy Organization and United Insurance policy Organization will get the additional cash, Facts and Broadcasting Minister Prakash Javadekar instructed reporters after the cupboard meeting.
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“Cupboard approves cash infusion of Rs twelve,450 crore for 3 public sector common insurance policy companies – Oriental Insurance policy Organization Limited, National Insurance policy Organization Limited and United India Insurance policy Organization Limited (which includes Rs 2,500 crore infused in FY2019-twenty),” an formal spokesperson mentioned in a tweet.
The recapitalization will make the 3 state-owned common insurance policy companies additional stable, the minister mentioned.