The Union Cupboard on Wednesday authorised cash infusion of Rs twelve,450 crore in 3 point out-owned basic insurance providers to improve their cash base and make them additional stable.
The Nationwide Insurance coverage Company, Oriental Insurance coverage Company and United Insurance coverage Company will get the extra cash, Information and Broadcasting Minister Prakash Javadekar informed reporters following the cupboard meeting.
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“Cupboard approves cash infusion of Rs twelve,450 crore for 3 public sector basic insurance providers – Oriental Insurance coverage Company Restricted, Nationwide Insurance coverage Company Restricted and United India Insurance coverage Company Restricted (such as Rs 2,five hundred crore infused in FY2019-20),” an official spokesperson reported in a tweet.
The recapitalization will make the 3 point out-owned basic insurance providers additional stable, the minister reported.